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Income ranges for determining IRA eligibility change for 2021

WASHINGTON — The Internal Revenue Service announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2021 in Notice 2020-79, posted today on IRS.gov. Highlights of changes for 2021 The income...

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  • November 2, 2020

Get Ready for Taxes: What to do before the tax year ends Dec. 31

WASHINGTON –The Internal Revenue Service reminds taxpayers there are things they should do now to get ready for the tax-filing season ahead. Charitable Contributions For most taxpayers, Dec. 31 is the last day to take actions that will impact...

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  • December 16, 2019

401(k) contribution limit increases to $19,500 for 2020; catch-up limit rises to $6,500

WASHINGTON — The Internal Revenue Service today announced that employees in 401(k) plans will be able to contribute up to $19,500 next year. The IRS announced this and other changes in Notice 2019-59, posted today on IRS.gov. This guidance...

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  • November 11, 2019

Tax Time Guide: Contribute to an IRA by April 15 to claim it on 2018 tax returns

WASHINGTON —The Internal Revenue Service reminded taxpayers today that it’s not too late to contribute to an Individual Retirement Arrangement (IRA) and still claim it on a 2018 tax return. Anyone with a traditional IRA may be eligible for...

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  • March 19, 2019

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...

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  • March 15, 2018

Divorce or Separation May Affect Taxes

Taxpayers who are divorcing or recently divorced need to consider the impact divorce or separation may have on their taxes. Alimony payments paid under a divorce or separation instrument are deductible by the payer, and the recipient must include...

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  • August 25, 2017

IRS Offers IRA Tax Tips for the 2016 Tax Year

Taxpayers often have questions about Individual Retirement Arrangements, or IRAs. Common questions include: When can a person contribute, how does an IRA impact taxes, and what are other common rules. The IRS offers the following tax tips on IRAs:...

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  • March 16, 2017

Tax Effects of Divorce or Separation

If you are divorcing or recently divorced, taxes may be the last thing on your mind. However, these events can have a big impact on your wallet. Alimony and a name or address change are just a few items...

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  • August 25, 2016

Tax Time Guide: Still Time to Contribute to an IRA for 2015

WASHINGTON — The Internal Revenue Service today reminded taxpayers that they still have time to contribute to an IRA for 2015 and, in many cases, qualify for a deduction or even a tax credit. This is the 10th in...

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  • April 17, 2016

Key Tax Tips on the Tax Effects of Divorce or Separation

Income tax may be the last thing on your mind after a divorce or separation. However, these events can have a big impact on your taxes. Alimony and a name change are just a few items you may need...

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  • August 25, 2015

IRS Announces 2015 Pension Plan Limitations; Taxpayers May Contribute up to $18,000 to their 401(k) plans in 2015

WASHINGTON — The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2015. Many of the pension plan limitations will change for 2015 because the increase...

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  • October 23, 2014

Early Retirement Plan Withdrawals and Your Taxes

Taking money out early from your retirement plan may trigger an additional tax. Here are seven things from the IRS that you should know about early withdrawals from retirement plans: 1. An early withdrawal normally means taking money from...

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  • March 24, 2014

Which Tax Form Should You File?

Which form should you use to file your federal income taxes? These days, most people use a computer to prepare and e-file their tax forms. It’s easy, because tax software selects the right form for you. If you file...

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  • January 30, 2014

Three Year-End Tax Tips to Help You Save

IRS Special Edition Tax Tip 2013-16, December 17, 2013 Although the year is almost over, you still have time to take steps that can lower your 2013 taxes. Now is a good time to prepare for the upcoming tax...

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  • December 19, 2013

Plan Now to Get Full Benefit of Saver’s Credit; Tax Credit Helps Low- and Moderate-Income Workers Save for Retirement

WASHINGTON — Low- and moderate-income workers can take steps now to save for retirement and earn a special tax credit in 2013 and the years ahead, according to the Internal Revenue Service. The saver’s credit helps offset part of...

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  • December 5, 2013

Top Ten Tips on Making IRA Contributions

The IRS has 10 important tips for you about setting aside money for your retirement in an Individual Retirement Arrangement. 1. You must be under age 70 1/2 at the end of the tax year in order to contribute...

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  • April 8, 2013

Take Credit for Your Retirement

Saving for your retirement can make you eligible for a tax credit worth up to $2,000. If you contribute to an employer-sponsored retirement plan, such as a 401(k) or to an IRA, you may be eligible for the Saver’s...

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  • March 10, 2013

2011 Reporting for 2010 Roth Rollovers and Conversions

In 2010, you may have: rolled over eligible distributions from a retirement plan to a Roth IRA, converted (transferred) amounts from a non-Roth IRA to a Roth IRA, or made an in-plan Roth rollover (after September 27, 2010). If...

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  • January 19, 2012

Top Ten Facts about Taking Early Distributions from Retirement Plans

Some taxpayers may have needed to take an early distribution from their retirement plan last year. The IRS wants individuals who took an early distribution to know that there can be a tax impact to tapping your retirement fund....

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  • February 20, 2010

Tax on Early Distributions

Most distributions (both periodic and nonperiodic) from qualified retirement plans and nonqualified annuity contracts made to you before you reach age 59½ are subject to an additional tax of 10%. This tax applies to the part of the distribution...

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  • February 20, 2010