401k Archives - Milliken, Perkins & Brunelle

Looking ahead to 2025 tax limits as you prepare to file your 2024 return

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January 28, 2025 Kevin Brunelle 401k, gift tax, IRA Contribution, Social Security, Tax Cuts and Jobs Act

Chances are, you’re more concerned about your 2024 tax return right now than you are about your 2025 tax situation. That’s understandable because your 2024 individual tax return is due to be filed by April 15 (unless you file for an extension).

However, it’s a good time to familiarize yourself with tax amounts that may have changed for 2025 due to inflation. Not all tax figures are adjusted annually for inflation, and some amounts only change when Congress passes new laws.

Maximize your 401(k) in 2025: Smart strategies for a secure retirement

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December 31, 2024 Kevin Brunelle 401k, 403, 457, Roth 401(k)

maximize 401k

Saving for retirement is a crucial financial goal and a 401(k) plan is one of the most effective tools for achieving it. If your employer offers a 401(k) or Roth 401(k), contributing as much as possible to the plan in 2025 is a smart way to build a considerable nest egg.
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A job loss is bad but the tax implications could make it worse

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March 5, 2024 Kevin Brunelle 401k, COBRA, unemployment

layoff

Unemployment has been holding steady recently at 3.7%. But there are still some people losing their jobs — particularly in certain industries including technology and media. If you’re laid off or terminated from employment, taxes are likely the last thing on your mind. However, there are tax implications due to your altered employment circumstances.
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Contributing to your employer’s 401(k) plan: How it works

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October 31, 2023 Kevin Brunelle 401k, hardship distribution, Roth 401(k)

401k

If you’re fortunate to have an employer that offers a 401(k) plan, and you don’t contribute to it, you may wonder if you should participate. In general, it’s a great tax and retirement saving deal! These plans help an employee accumulate a retirement nest egg on a tax-advantaged basis. If you’re thinking about contributing to a plan at work, here are some of the advantages.

Facing a future emergency? Two new tax provisions may soon provide relief

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October 24, 2023 Kevin Brunelle 401k, IRA withdrawal, SECURE Act

emergency cash

Perhaps you’ve been in this situation before: You have a financial emergency and need to get your hands on some cash. You consider taking money out of a traditional IRA or 401(k) account but if you’re under age 59½, such distributions are not only taxable but also are generally subject to a 10% penalty tax.

Retirement account catch-up contributions can add up

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July 18, 2023 Judi Jones 401k, IRA, Roth IRA

retirement contribution

If you’re age 50 or older, you can probably make extra “catch-up” contributions to your tax-favored retirement account(s). It is worth the trouble? Yes! Here are the rules of the road.

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.

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.

Thinking about participating in your employer’s 401(k) plan? Here’s how it works

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October 26, 2021 Kevin Brunelle 401k, retirement plan

401k

Employers offer 401(k) plans for many reasons, including to attract and retain talent. These plans help an employee accumulate a retirement nest egg on a tax-advantaged basis. If you’re thinking about participating in a plan at work, here are some of the features.