Category: Personal Finance
IRS increases 401(k) contributions for 2015
The Internal Revenue Service recently announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2015. This includes an increase in the elective deferral limits for 401(k) contributions and catch up contribution limits. Below...
Knowing how to handle capital gains and losses can save taxes
If you’ve lost money in the stock market this year, consider this: You may have other assets that have appreciated in value that could be sold before year-end, thereby offsetting gains with pre-existing losses. Long-term capital losses are used to...
Rollover your IRA before Jan. 1, 2015
Thinking about rolling over your IRA? You may want to do it before January 1, 2015. Currently, taxpayers are allowed to roll over their IRA funds into another qualified IRA account tax free as long as all of the following...
New tax rules will affect IRA rollovers starting Jan. 1, 2015
Thinking about rolling over your IRA? You may want to do this before January 1, 2015. Currently, taxpayers are allowed to roll over their IRA funds into another qualified IRA account tax free as long as all of the following...
Longevity annuities can be purchased through qualified plans and IRAs
Qualified retirement plans and IRAs are subject to the Required Minimum Distribution (RMD) rules of IRC Sec. 401(a)(9). In February 2012, the IRS issued proposed regulations removing RMD impediments to longevity annuities. Final regulations (TD 9673) have been issued, modifying...
Spousal Social Security Benefits
At full retirement age, which is now 66, your spouse can receive the greater of the spouse’s benefit or 50% of your benefit. This presumes that both of you are at least age 66. This is good for spouses that...
Going Cruisin’? How to handle the tax liability of a company-paid cruise or vacation.
Sponsored cruise trips and other paid vacations under the guise of conventions or meetings have become the ultimate sort of employee perk or sales tool for companies with deep pockets. But for the recipient (and in some cases, their spouse),...
SR Client Question: How can I check the status of my refund?
It's a question we get often this time of year--"Where's my refund check?!" Fortunetly, both the IRS and the State of Michigan have made it easy to check the status of your check online: IRS 1. Go to www.irs.gov 2. ...
SR Client Question: What should I know about the Uniform Transfers to Minors Act?
UTMA (Uniform Transfers To Minors Act) replaced UGMA (Uniform Gifts To Minors act). In addition to gifts of securities, life insurance policies, annuities and cash, the new act also provides for gifts of other property interest, real property and titled...
Do’s and Don’ts for Withdrawals from 529 Plans
Total tax-advantaged 529 college savings plan assets are expected to balloon to $237 billion by the end of 2015, according to Financial Research Corporation. If you or someone in your family is planning to start college soon, it’s likely you...