Retirement Archives - Page 3 of 9 - Milliken, Perkins & Brunelle

Two important tax deadlines are coming up — and they don’t involve filing your 2022 tax return

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March 21, 2023 Kevin Brunelle estimated tax, RMD, self employment tax

RMD Distribution

April 18 is the deadline for filing your 2022 tax return. But a couple of other tax deadlines are coming up in April and they’re important for certain taxpayers:

Saturday, April 1 is the last day to begin receiving required minimum distributions (RMDs) from IRAs, 401(k)s and similar workplace plans for taxpayers who turned 72 during 2022.
Tuesday, April 18 is the deadline for making the first quarterly estimated tax payment for 2023, if you’re required to make one.

There still may be time to make an IRA contribution for last year

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February 21, 2023 Kevin Brunelle IRA Contribution, Roth IRA, SEP, Traditional IRA

IRA contribution 2022

If you’re getting ready to file your 2022 tax return, and your tax bill is higher than you’d like, there may still be an opportunity to lower it. If you’re eligible, you can make a deductible contribution to a traditional IRA right up until this year’s April 18 filing deadline and benefit from the tax savings on your 2022 return.

Answers to your questions about 2023 limits on individual taxes

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February 8, 2023 Kevin Brunelle 2023 taxes, 401k, IRA

2023 taxes

Many people are more concerned about their 2022 tax bills right now than they are about their 2023 tax situations. That’s understandable because your 2022 individual tax return is due to be filed in 10 weeks (unless you file an extension).

However, it’s a good time to familiarize yourself with tax amounts that may have changed for 2023. Due to inflation, many amounts have been raised more than in past years. Below are some Q&As about tax limits for this year.
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Retirement plan early withdrawals: Make sure you meet the requirements to avoid a penalty

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January 31, 2023 Kevin Brunelle 401k, retirement plan withdrawal, simple IRA, Traditional IRA

retirement plan withdrawal

Most retirement plan distributions are subject to income tax and may be subject to an additional penalty if you take an early withdrawal. What’s considered early? In general, it’s when participants take money out of a traditional IRA or other qualified retirement plan before age 59½. Such distributions are generally taxable and may be subject to a 10% penalty tax.

SECURE 2.0 law may make you more secure in retirement

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January 3, 2023 Kevin Brunelle ABLE account, RMD, Roth IRA, SECURE Act

Secure 2.0

A new law was recently signed that will help Americans save more for retirement, although many of the provisions don’t kick in for a few years. The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) was signed into law on December 29, 2022.

Save for retirement by getting the most out of your 401(k) plan

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December 20, 2022 Kevin Brunelle 401k, Roth 401(k)

401k

Socking away money in a tax-advantaged retirement plan can help you reduce taxes and help secure a comfortable retirement. If your employer offers a 401(k) or Roth 401(k), contributing to the plan is a smart way to build a substantial nest egg.

Answers to your questions about taking withdrawals from IRAs

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December 6, 2022 Kevin Brunelle RMD, Traditional IRA

RMD distribution

As you may know, you can’t keep funds in your traditional IRA indefinitely. You have to start taking withdrawals from a traditional IRA (including a SIMPLE IRA or SEP IRA) when you reach age 72.
The rules for taking required minimum distributions (RMDs) are complicated, so here are some answers to frequently asked questions.

How to avoid the early withdrawal tax penalty on IRA distributions

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July 26, 2022 Kevin Brunelle IRA distribution, IRA withdrawal, required minimum distribution

IRA distribution

When you take withdrawals from your traditional IRA, you probably know that they’re taxable. But there may be a penalty tax on early withdrawals depending on how old you are when you take them and what you do with the money.

Social Security benefits: Do you have to pay tax on them?

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June 7, 2022 Kevin Brunelle

Social Security tax

Some people who begin claiming Social Security benefits are surprised to find out they’re taxed by the federal government on the amounts they receive. If you’re wondering whether you’ll be taxed on your Social Security benefits, the answer is: It depends.

Is it a good time for a Roth conversion?

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May 31, 2022 Kevin Brunelle Roth conversion, Roth IRA, Traditional IRA

Roth Conversion

The downturn in the stock market may have caused the value of your retirement account to decrease. But if you have a traditional IRA, this decline may provide a valuable opportunity: It may allow you to convert your traditional IRA to a Roth IRA at a lower tax cost.