Pay taxes now or later is often a consideration when people decide how to save for retirement, but Congress decided the only option for some older Americans should be now for certain retirement accounts.
Pay taxes now or later is often a consideration when people decide how to save for retirement, but Congress decided the only option for some older Americans should be now for certain retirement accounts.
Big changes are likely coming for Americans' retirement savings. The changes, part of the Secure Act 2.0, were included in the sweeping end-of-year $1.7 trillion spending bill the Senate passed on Thursday. The package's future now rests in the hands of the House, which is expected to follow suit Friday.President Joe Biden is expected to sign the bill into law shortly after.
Congress passed several relief bills to ease the financial burdens on struggling American workers during the pandemic.A provision of The Coronavirus Aid, Relief, and Economic Security Act allowed workers of any age to withdraw up to $100,000 penalty-free from their company-sponsored 401(k) plan or individual retirement account in 2020
If you've had a toe in the stock market for more than a few years, you likely have grown increasingly giddy watching your profits pile up.But there's a flip side to the story: Eventually, you might need to share a lot of those gains with your partner.
A possible third round of stimulus payments could come soon, with checks of up to $1,400 per eligible adult.But before the federal government issues those payments, it's worth reviewing how the first two rounds went.
In most years, only a few key dates stand out for income-tax planning, and most of them are familiar to taxpayers.But deadlines and strategies have changed a bit for 2020.
The coronavirus pandemic and economic-shutting efforts to slow the virus altered the norm
Stimulus payments, relaxed rules for tapping into retirement accounts and other coronavirus-relief measures are helping to keep millions of Americans afloat financially, but they could bring tax surprises, including unpleasant ones, down the road.
Here's a quick look at some of the tax red flags to beware — ramifications that could affect how much money you owe or receive in a refund and possibly affect Social Security or other benefits.
The CARES Act, the legislation signed into law by President Trump in March, generated many questions from readers.Below we answer some of them.
Q: You wrote in a recent article that "the law also doubles the amount 401(k) participants can take in loans from an account for the next six months to the lower of $100,000 or 100% of the account balance
The new coronavirus outbreak and economic measures to contain it could have a significantly negative impact on retirement preparations for millions of Americans.
Account balances have been depleted by the stock market collapse.Many people now need to tap into their accounts to make ends meet
