Vernoia, Enterline + Brewer, CPA LLC

Archive for the ‘Retirement Planning’ Category

Retirees can visit IRS.gov for helpful tools and resources

Retirement can affect someone’s tax situation. Anyone who has retired recently — or who plans to retire soon — can visit IRS.gov for information that can help them prepare for filing their taxes next year. (more…)

Things to Remember when Considering Early Withdrawals from Retirement Plans

Many taxpayers may need to take out money early from their Individual Retirement Account or retirement plan. Doing so, however, can trigger an additional tax on early withdrawals. They would owe this tax on top of other income tax they may have to pay. (more…)

Making 2017 Retirement Plan Contributions in 2018

The clock is ticking down to the tax filing deadline. The good news is that you still may be able to save on your impending 2017 tax bill by making contributions to certain retirement plans. (more…)

IRS Permits High-Earner Roth IRA Rollover Opportunity

ira_3Are you a highly compensated employee (HCE) approaching retirement? If so, and you have a 401(k), you should consider a potentially useful tax-efficient IRA rollover technique. (more…)

Still Time to Contribute to an IRA for 2016

The IRS reminds taxpayers that they still have time to contribute to an IRA for 2016 and, in many cases, qualify for a deduction or even a tax credit. Available since the mid 70s, individual retirement arrangements (IRAs) enable employees and the self-employed to save for retirement. Contributions to traditional IRAs are often deductible, but distributions, usually after age 59½, are generally taxable.

ira (more…)

Age 50 or Older? Catch-Up Contributions Are For You

retireesAre you in your 50s or 60s and thinking more about retirement? If so, and you’re still not completely comfortable with the size of your nest egg, don’t forget about “catch-up” contributions. These are additional amounts beyond the regular annual limits that workers age 50 or older can contribute to certain retirement accounts. (more…)

IRS Guidance on Phase Retirement Payments

IRS offers guidance on taxation of phased retirement payments

senior couple hugging on sail boat or yacht in seaPhased retirement has become an increasingly popular trend lately. Along with its increased use, however, a number of questions have arisen. The IRS recently has issued guidance for determining the taxable portion of payments made to an employee during phased retirement. The guidance explains whether the payments are “received as an annuity” under Code Sec. 72 and how to determine the taxable portion of payments that are not received as an annuity. (more…)