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Retirement Planning Articles

 

Beware: Retirement Plan Loan Defaults Can Be Costly

Beware: Retirement Plan Loan Defaults Can Be Costly

Posted by Bryan Staniszewski on August 24, 2020

The COVID-19 pandemic has resulted in many people borrowing from their companies' qualified retirement plans. If economic fallout from the pandemic causes you to default on one of these loans, it will cause negative tax and retirement-saving consequences.

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IRS Extends Relief for 2020 RMD Waivers and Rollovers

IRS Extends Relief for 2020 RMD Waivers and Rollovers

Posted by David Schlein on August 24, 2020

The CARES Act waived required minimum distributions (RMDs) from tax-qualified defined contribution retirement plans (such as 401(k) and 403(b) plans) and individual retirement accounts (IRAs) that were otherwise due in 2020 to help Americans cope with the uncertainty caused by the COVID-19 pandemic. 

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How to Avoid Penalties on Early Retirement Account Withdrawals

How to Avoid Penalties on Early Retirement Account Withdrawals

Posted by D’Marie Murray on August 10, 2020

The COVID-19 pandemic has resulted in many people borrowing from their companies' qualified retirement plans. If economic fallout from the pandemic causes you to default on one of these loans, it will cause negative tax and retirement-saving consequences.

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IRS Issues Guidance on COVID-19 Distributions from Retirement Plans

IRS Issues Guidance on COVID-19 Distributions from Retirement Plans

Posted by D’Marie Murray on July 16, 2020

The IRS recently issued guidance related to coronavirus-related distributions allowed under the CARES Act. The guidance applies to qualified individuals, employers, and eligible retirement plans. It explains who qualifies to take an eligible distribution. It also includes relief to anyone who already took a required minimum distribution in 2020 from certain retirement accounts.

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CARES Act Relaxes Qualified Plan and Employee Benefit Rules to Improve Cash Flow for Employer and Employees

CARES Act Relaxes Qualified Plan and Employee Benefit Rules to Improve Cash Flow for Employer and Employees

Posted by Michael Grimaldi on April 13, 2020

The CARES Act includes several relief provisions for tax-qualified retirement plans, expands health care flexible spending accounts so funds can be used for over-the-counter items, clarifies some health insurance plan questions, and, through year-end, allows employers to reimburse employees for student loan payments tax-free. This alert explains those items.

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Now May Be a Good Time for a Roth Conversion

Now May Be a Good Time for a Roth Conversion

Posted by D’Marie Murray on April 06, 2020

When life gives you lemons, make lemonade. The financial markets have plummeted over the last month. But there's an upside for long-term investors: Low market values may provide a tax-smart opportunity to convert your traditional IRA to a Roth IRA. This strategy is simple, but it's not right for everyone. Here are some factors to consider before you execute a Roth conversion in 2020.

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401(k) Plan Contributions: Keep Calm but Know Your Options

401(k) Plan Contributions: Keep Calm but Know Your Options

Posted by Bryan Staniszewski on April 02, 2020

The coronavirus (COVID-10) pandemic has had adverse effects on many industries. Both employers and employees are seeking ways to respond to financial stress resulting from the economic slowdown and financial market volatility. If your company's revenue has plummeted, you might be considering eliminating or scaling back your contributions to employees' 401(k) accounts. Here's what you should know before making any cuts.

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Consider Taxes When Dividing Up Retirement Accounts in Divorce

Consider Taxes When Dividing Up Retirement Accounts in Divorce

Posted by Brian Kern on March 03, 2020

Getting divorced? You might want to divide your marital assets quickly and cut financial ties with your ex as soon as possible. But, when it comes to splitting up IRAs, 401(k) plan funds and other tax-favored retirement accounts, it's important to set up your divorce papers properly and follow the formalities of the settlement agreement to avoid potential tax-related pitfalls.

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Age-Related Tax and Financial Planning Milestones

Age-Related Tax and Financial Planning Milestones

Posted by Cheryl A. Jankowski on February 11, 2020

Birthdays should be celebratory, not stressful, but some ages come with tax and financial consequences that require your attention. From birth to old age, you can't beat Father Time, but you and your loved ones can plan for these milestones.

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Stretch IRAs Lose Potency  under the SECURE Act

Stretch IRAs Lose Potency under the SECURE Act

Posted by Cheryl A. Jankowski on January 24, 2020

The SECURE Act contains a number of favorable provisions that will help Americans save more for retirement. However, the new law also contains an unfavorable provision that will affect nonspouse IRA beneficiaries who inherit accounts with substantial balances.

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