Category: Personal Finance
Potential Private Retirement Benefit Information notices sent by SSA
Recently, the Social Security Administration (SSA) mailed notices to social security filers about Potential Private Retirement Benefit Information. It is a reminder about private employer retirement benefits that may have been earned, also called "deferred vested benefits". The Internal Revenue...
Social Security wage base, COLA set for 2024
Seniors got some welcome news this week, when the Social Security Administration (SSA) announced a cost-of-living adjustment (COLA) of 3.2% for both Social Security and Supplemental Security Income (SSI) benefits beginning in January 2024. COLA, which is based on the consumer...
Department of Defense offers free tax filing resources for military members
Active military service can make tax filing challenging, especially if the service member is deployed or on an intensive training mission. MilTax is a Department of Defense program designed to lessen the burden on service members by offering free tax return...
SR Guest Author Justin Rush, CFP®: What to ask when choosing a financial planner
When searching for a financial planner, it’s not uncommon to meet with multiple firms prior to making a final decision. Different financial planners may have different opinions, philosophies, and personalities compared to one another. Without being immersed in this field, it...
Inheritance or gifts from foreign persons may require Form 3520 reporting
Although a gift or inheritance doesn’t generate any U.S. income tax reporting, it may generate other filing responsibilities for the recipient. As related to inheritances and gifts from foreign persons to a U.S. citizen or U.S. resident, Form 3520 (Annual...
Michigan state income tax rate decreasing by .20% in 2023 only
Michigan’s state income tax will decrease from 4.25% to 4.05% for one year, equating to a savings of approximately $50 for the average Michigan taxpayer. In 2015, Michigan enacted a law requiring a temporary reduction of the state income tax...
Tax-free rollover from 529 plans to Roth IRAs will be allowed starting in 2024
In December 2022, Congress passed the Consolidated Appropriations Act of 2023, an omnibus spending bill that includes the much-anticipated and long-awaited retirement bill known as SECURE Act 2.0. One of the provisions of SECURE Act 2.0 that has grabbed a disproportionate...
“Representative payee” can help Social Security or SSI recipient manage their benefits
[caption id="attachment_8264" align="alignright" width="300"] A senior woman with her daughter online purchasing together[/caption] Many Social Security recipients are capable of managing their own affairs, but not all can. If someone you love needs assistance with their federal government benefits, the...
Annual Michigan Individual Income Tax System Maintenance Begins on Thursday
FYI: Effective after 5 p.m. on Thursday, Dec. 8, the state Treasury Department will suspend processing state individual income tax refunds due to annual tax processing system upgrades required for the upcoming 2023 tax filing season. Individuals will be able...
‘Tis the season: Real estate gifts must be appraised
If your holiday list this year includes gifts of real estate, the gifts must be appraised and made at their current fair market value per the IRS. A detailed appraisal by a professional appraiser, who is thoroughly trained in the...