What is Changing for Retirement Accounts in 2025?
The SECURE 2.0 Act makes major changes to 401(k), IRA, Roth, and other retirement savings plans.
What is the Savers Tax Credit?
Depending on your adjusted gross income and tax filing status, you could be eligible to receive a tax credit based on your retirement plan contributions.
Should I Start a Roth IRA For My Children
A Roth IRA for a child is a tax-advantaged retirement account opened for a child who has earned income.
Stay up to date on the new contribution limits for retirement plans in 2024. To access IRS Form 8881 when filing your business taxes for 2023, please click here
Sometimes it’s better to get taxes out of the way earlier when using a 401(k) to save for retirement.
- Converting from a traditional IRA to a Roth IRA is a taxable event.
- To qualify for the tax-free and penalty-free withdrawal or earnings, a Roth IRA must be in place for at least 5 tax years, and the distribution must take place after age 59 1/2 or due to death, disability, or a first time home purchase (up to a $10,000 lifetime maximum). Depending on state law, Roth IRA distributions may be subject to state taxes.
Financial planner David Born advises a couple in the top tax bracket who contribute to Roth 401(k)s rather than traditional 401(k)s, even though it means they pay more in taxes now.