IRS Announces IRA and Plan Limits for 2023
by Denise Appleby The IRS issued Notice 2022-55 in which they provide retirement plan limits for 2023. Many the limits were changed from those that
401K
A tax-deferred employer-provided retirement savings account, to which eligible employees may defer part of their salary. Salary deferral can be pre-tax or post-tax include Roth 401(k)s.
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6 Key Rules for Using the SEPP/72(t) Strategy
By Denise Appleby Sometimes clients need retirement funds before 59½, but breaking any of the governing rules for 72(t) payments will mean paying taxes waived
Appleby’s Top 10 Reasons Why a Small Business Owner 401(k) Is A Great Retirement Savings Solution
Written by Denise Appleby: For Financial Advisors The Small Business Owner 401(k) is an ideal retirement plan for many self-employed individuals. A retirement savings solution
Deduction
Definition A deduction is a Tax write-off which is allowed for contributions to traditional IRAs or employer sponsored plans. Individuals who are active participants are
Annual Addition Limit
Definition The annual Addition limit is the maximum amount that may be added to a defined contribution plan on behalf of a participant for any
SIMPLE 401(k) Plan
Definition A SIMPLE 401(k) plan is a 401(k) plan established by a small business for it’s employees. Earnings accrue on a tax-deferred basis and distributions
2021 Is The Last Opportunity To Override 5-Year Rule and Stretch Distributions for 401(k)s Inherited in 2019
Denise Appleby explains why 2021 Is The Last Opportunity To Override 5-Year Rule and Stretch Distributions for 401(k)s Inherited in 2019. Designated beneficiaries who inherit
Salary Deferral Contribution
Definition A contribution made pursuant to a participant’s election to have a portion of his/her salary/wages contributed to his/ her employer sponsored plan rather than
IRS Increases User Fee for Form 5310
The IRS issued Revenue Procedure 2020-14, in which they announced an increase in the user fee for Form 5310, Application for Determination for Terminating Plan, from
What is the 5-Year Rule for beneficiaries?
Definition For beneficiaries who inherit retirement accounts, a common question asked is “What is the 5-Year Rule for beneficiaries?” The beneficiary five-year rule is the
