Mind These Tax Changes to Stay Ahead in Next Year’s Tax Season
Ed Slott: Secure Act 2.0 Reduces ‘Draconian’ RMD Penalty, Broadens Roths
A sweeping retirement bill, the Securing a Strong Retirement Act of 2022, or Secure Act 2.0, that passed the House late Tuesday increases the required minimum distribution age from 72 to 75 in stages — over 11 years — and reduces the 50% penalty for missing an RMD, Ed Slott of Ed Slott & Co. told ThinkAdvisor on Wednesday.
401(k) Savings Plans Get a Boost in Bipartisan Retirement Bill
What Retirement Means for Your Taxes
If you dread tax day every year, here’s a bit of good news: Your tax burden probably will lighten when you retire.
You’ll still pay taxes on income you receive from sources that haven’t been taxed yet, such as 401(k) and individual retirement accounts or a defined benefit pension. Your Social Security benefits also may be taxed, depending on your income. And higher-income seniors pay surcharges on Medicare premiums that, while not technically taxes, certainly feel like it to retirees.
2022 Tax Traps to Avoid
There’s Still Time to Contribute to an IRA or an Hsa for 2021. Why It Makes Sense to Do So Now
Backdoor IRA Pitfalls to Avoid
New Tax Rules Force Faster Payouts for Some IRA Holders
It used to be that Americans with tax-favored retirement plans focused mainly on how to get money into them. Now, savers are more and more concerned with when and how much must be withdrawn—including at death or after.