If you are age 50 or older and still working, you have a valuable opportunity to super-charge your retirement savings while managing your income tax liability. Catch-up contributions offer the chance to invest amounts over and above the standard annual limits in IRAs and workplace retirement plans. 2023 Limits In 2023, the IRA catch-up limit
The typical fees charged for child care vary widely by state. The U.S. Department of Health and Human Services considers child-care costs to be affordable when they are at or below 7% of annual household income — but many families face costs far above that threshold. $310,605 – Estimated cost for a middle-class family to
The SECURE 2.0 legislation included in the $1.7 trillion appropriations bill passed late last year builds on changes established by the original Setting Every Community Up for Retirement Enhancement Act (SECURE 1.0) enacted in 2019. SECURE 2.0 includes significant changes to the rules that apply to required minimum distributions from IRAs and employer retirement plans.
Every year, the Internal Revenue Service announces cost-of-living adjustments that affect contribution limits for retirement plans and various tax deduction, exclusion, exemption, and threshold amounts. Here are a few of the key adjustments for 2023. Estate, Gift, and Generation-Skipping Transfer Tax The annual gift tax exclusion (and annual generation-skipping transfer tax exclusion) for 2023 is
The IRS announced that the starting date for when it would accept and process 2022 tax-year returns was Monday, January 23, 2023. Tips for making filing easier To speed refunds and help with tax filing, the IRS suggests the following: Make sure you have received Form W-2 and other earnings information, such as Form 1099,
714 – The national average FICO score in 2022. Baby boomers and the silent generation had scores higher than the national average, while other generations had lower-than-average scores. Source: How Credit Card Usage Differs by Generation, Experian, September 13, 2022 During the past two years, credit-card balances of younger generations have grown at a faster
Acts of kindness, even small ones, can have lasting benefits. You may not always see the impact of your investment of time or money, but your acts of kindness will ripple through the lives of people you know…or don’t know. Here are some ideas for practicing financial kindness. Pay It Forward…or Backward Hand out gift
“London Bridge is down.” On September 8, 2022, those words were reportedly used to launch what was arguably the most complex end-of-life proceedings the world has ever witnessed: the funeral arrangements for Queen Elizabeth II. The plan, known as Operation London Bridge, laid out in exacting detail how the ensuing days would unfold. Although most
Stock market losses can be rough on your portfolio’s bottom line, but they may also offer the potential to reduce your tax liability and possibly buy shares at a discount. Whether this strategy — called tax-loss harvesting — is appropriate for you depends on a variety of factors, including your current portfolio performance, your long-term
If you and your spouse are looking for a way to build your retirement savings but one of you is not working, you might consider funding a spousal IRA. This could be the same IRA that the spouse contributed to while working or it could be a new account. In either case, IRS rules allow
