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Is this allowed: – Recharacterize $5000 of a 2024 Roth contribution to a regular IRA prior in Feb 2025 prior...

You probably know there’s a limit on the amount of pre-tax and Roth contributions you can make to your company savings plan each year. The 2025 elective deferral limit is $23,500 for 401(k), 403(b) and 457(b) plans and is either $16,500 or $17,600 for SIMPLE plans (depending on the size of your employer). If you’re age 50 or older, you can make additional catch-up contributions beyond these limits, and if you’re age 60, 61, 62 or 63, you may qualify for even higher catch-ups.

Many of the provisions of the Tax Cuts and Jobs Act are scheduled to expire at the end of 2025. There are currently a number of proposals in the works in Congress to extend these tax cuts. A serious hurdle is how to pay for them. One interesting legislative proposal that has surfaced to cover the cost is the possibility of requiring Health Savings Accounts (HSAs) to be made on a Roth basis.

I am using H and R Block tax software to generate a 1041 K-1 for an Inherited IRA Distribution. When...

An IRA rollover to govt. THRIFT SAVINGS is allowed.  The issue here is can the employee take his $500,000 outside...

Hello, IRA beneficiary quest. Bob was 75 years old and passed away. His bene is a non-spouse designated bene who...

A SIMPLE IRA was established in 2019, and will be continued by the employer indefinitely. An employee has made contributions...

Question: I have a large non-qualified 457 deferred compensation plan and I am required to take distributions. I am looking to minimize taxes. Can I roll over these funds to an IRA?

Congress Complicates Catch-Up Contributions

• Traditional and Roth IRAs
• Company Savings Plans
• SIMPLE IRAs

Executive Summary

Too Rich for Roth?

Hello, A company recently rehired an employee who separated from service two years ago. When he left, he chose to...