HR Digest

AUGUST 28, 2023

This mini-guide explores whether a solo 401k is a good idea for individuals like you. But how does a solo 401k work? And who qualifies for a solo 401k? What happens to solo 401k when you’re no longer self-employer? So, let’s dive into the details and answer the question, “Is a Solo 401k a good idea?”

401(k) 98

401(k) Retirement Plan Taxes Consulting 98

Money Talk

JANUARY 18, 2023

The year 2022 was chock full of news about inflation, with a year-to year Consumer Price Index increase of 9.1% 401(k)s) and IRAs are pegged to inflation. Marginal Tax Brackets - Income ranges in the seven marginal tax brackets ranging from 10% to 37% are inflation-based. million in 2022). CPI at year-end.

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401(k) Banking Deductions Deductible 246

Money Talk

APRIL 6, 2023

At the 2022 Retirement Summit sponsored by the Employee Benefit Research Institute (EBRI), there were four main topics: improving individuals’ access to retirement savings plans, reducing plan leakage (i.e., 401(k) plans), they generally don’t save for retirement. not running out of money to live a comfortable lifestyle).

401(k) 245

401(k) Retirement Plan Finance Government 245

Money Talk

SEPTEMBER 30, 2022

Many are middle income taxpayers who diligently saved and invested for 4-5 decades in tax-advantaged plans. As I wrote in my book Flipping a Switch , some older adults must “plan for higher taxes in the future, especially when required minimum distributions (RMDs) kick in.” IRMAA surcharges. to $573.30 for Medicare Part B and $12.40

401(k) 245

401(k) Taxes Pension Deductions 245

InterWest Insurance Services

NOVEMBER 25, 2022

The changes, which the IRS releases in November each year, will affect contribution limits for HSAs, FSAs and 401(k) and other retirement accounts. Every year, the employee must decide how much they want their employer to deduct (pre-tax) from their paycheck to set aside in their HSA. 7,750 for family coverage (up $450).

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401(k) Deductible Deductions Flexible Spending Account 98

Money Talk

DECEMBER 22, 2021

As we close out 2021 and get ready to welcome 2022, it is a good time to consider the impact of indexes (a.k.a., In 2022, beneficiaries will receive a 5.9% a $59 increase for every $1,000 of benefits) in 2022. Income Tax Changes - Each year, income ranges for federal marginal tax brackets are indexed for inflation.

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401(k) Pension Taxes Deductions 232

Insperity

OCTOBER 10, 2023

In December 2022, the U.S. Act of 2022 enables business leaders to: Deliver additional financial benefits to round out an organization’s compensation strategy Remain competitive in an increasingly dynamic labor market Win the war for talent In this blog, we’ll discuss: What the SECURE 2.0 employer-sponsored 401(k) plans.

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401(k) Retirement Plan Taxes Benefits Package 116

Money Talk

JANUARY 26, 2022

One of the most daunting financial aspects of retirement, especially for people who have been diligent savers throughout their working years, is taking required minimum distributions (RMDs) from their tax-deferred retirement savings accounts beginning at age 72. New RMD tables went into effect in 2022, so this is a good time to discuss RMDs.

401(k) 189

401(k) Taxes Retirement Plan Finance 189

Money Talk

APRIL 4, 2024

All other tax-deferred plans, like 401(k)s and the thrift savings plan (TSP), must have RMDs calculated separately. Roth Conversions - It is best to move money from a pre-tax account to a Roth account in low-taxable income years, during stock market downturns, and/or in small increments over time.

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401(k) Taxes Finance Education 196

Proskauer's Employee Benefits & Executive Compensa

JANUARY 16, 2024

Act of 2022 (“SECURE 2.0”), the IRS issued Notice 2024-02 , which addresses SECURE 2.0 requires that 401(k) plans established after December 28, 2022, implement automatic enrollment provisions for plan years starting after December 31, 2024. 401(k) Plan : A spin-off plan from a pre-SECURE 2.0

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401(k) Taxes Retirement Plan Employment 111

Money Talk

DECEMBER 7, 2022

They must begin starting at age 72, unless taxpayers want to pay a hefty 50% tax penalty. In conversations with older adults at classes that I teach, many tell me that RMDs are affecting their income taxes in a big way. Withdrawals made at any age are taxed as ordinary income.

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401(k) Taxes Entertainment Retirement Plan 186

Business Management Daily

MAY 5, 2022

Defined contribution plans such as 401(k) plans were never meant to function as retirement plans—they are profit-sharing plans. The undisputed fact is, however, 401(k) plans have morphed into retirement plans. As with W-4s, the trick with 401(k) plans is not giving advice. Here’s what you can do to help.

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401(k) Retirement Plan Deductions Deductible 133

Money Talk

APRIL 7, 2022

One webinar sponsored by The American College of Financial Services covered financial topics such as income taxes, required minimum distributions (RMDs), qualified charitable distributions (QCDs), and income-related monthly adjusted amount (IRMAA) Medicare premium surcharges. Financial Planning Take-Aways ¨ Tax Deferral ?

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401(k) Taxes Finance Education 189

Money Talk

DECEMBER 29, 2022

This includes topics of interest to older adults in later life such as required minimum distributions (RMDs), taxes on Social Security benefits, and Medicare premiums. Key risks in retirement include longevity, health care expenses, taxes, and inflation. Many have to settle for less. It is not all theirs to keep.

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401(k) Taxes Retirement Plan Finance 181

Money Talk

JUNE 29, 2022

We are almost at the halfway mark of 2022, which makes this a perfect time to assess your financial progress and take action over the next six months. In it, I urged a review of tax deductions/credits, tax withholding, budgeting/cash flow, flexible spending accounts, financial goal progress, and investment portfolio status.

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401(k) Out of Pocket Cost Finance Flexible Spending Account 189

Money Talk

JULY 13, 2023

Act of 2022 , passed last December, has financial planning opportunities for both the accumulation and distribution phases of retirement planning. The limit will be the greater of $10,000 or 150% of the standard catch-up amount for 401(k)s and similar salary reduction plans. The SECURE 2.0

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401(k) Retirement Plan Taxes Salary 130

Business Management Daily

APRIL 1, 2022

Figuring that defined-contribution plans such as 401(k)s weren’t nearly secure as they should be after the passage of the Setting Every Community Up for Retirement Enhancement Act of 2019, Congress is taking another stab at it with the Securing a Strong Retirement Act of 2021 (H.R. Tax credits for start-up costs. Church plans.

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401(k) Deductions Deductible Taxes 59

Griffin Benefits

NOVEMBER 1, 2022

The IRS has finally announced adjustments to 2023 contribution limits on various tax-advantaged health and dependent care spending accounts, retirement plans, and other employee benefits such as adoption assistance and transportation benefits. For IRAs, the amount an individual can contribute increases to $6,500 (up from $6,000 in 2022).

401(k) 85

401(k) Retirement Plan Health Savings Account Deductions 85

Proskauer's Employee Benefits & Executive Compensa

JANUARY 30, 2023

As part of our continuing series on SECURE 2.0 , signed into law December 29, 2022, this post focuses on significant changes for section 403(b) tax-sheltered annuity plans (“403(b) plans”). Historically, the Code restricted 403(b) plans more than 401(k) plans in terms of the contributions and earnings available for hardship withdrawal.

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401(k) Taxes Retirement Plan Commissions 111

Griffin Benefits

NOVEMBER 11, 2021

The IRS has finally announced adjustments to 2022 contribution limits on various tax-advantaged health and dependent care spending accounts, retirement plans, and other employee benefits such as adoption assistance and transportation benefits. What follows is a summary of the new IRS limits; Health Care FSA Limits Increase for 2022.

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401(k) Retirement Plan Health Savings Account Deductions 56

Money Talk

APRIL 28, 2022

Before I did, I reviewed notes that I had taken looking for some “timeless nuggets” that are still relevant in 2022. Health Savings Accounts - One study found that the tax savings on many employees’ contributions to a health savings account (HSA) increases wealth by more than an employer match on the same employees’ 401(k) contributions.

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401(k) Health Savings Account Finance Retirement Plan 186

Proskauer's Employee Benefits & Executive Compensa

FEBRUARY 17, 2023

legislation that was enacted at the end of 2022 included an expansion of the ability for a section 401(k) or 403(b) plan, or a governmental section 457(b) plan, to provide matching contributions on participants’ student loan payments. The grab bag of retirement provisions in the SECURE 2.0 Prior to SECURE 2.0,

401(k) 115

401(k) Education Taxes Employment 115

Money Talk

DECEMBER 21, 2022

In 2022, the FOMC has been gradually increasing interest rates in incremental steps in an attempt to lower inflation. Dollar-cost averaging works best if investment deposits are “automated,” such as authorizing 401(k) plan payroll deductions or automatically debiting a bank account monthly for mutual fund share purchases.

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401(k) Banking Food Deductions 180

Business Management Daily

JANUARY 5, 2023

Act of 2022 —90+ provisions focused on 401(k) and other retirement plans. Congress has chosen to pay for it by mandating that plans offering certain 401(k) features, like catch-up contributions, be made on an after-tax, Roth basis. 401(k) plans established after Dec. which was enacted in 2019.

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401(k) roth 401(k) Taxes Deductions 52

Business Management Daily

JANUARY 21, 2022

There are no tax penalties for incorrectly coding items reported in Box 12 of your W-2s. The IRS uses those codes to determine compliance with other sections of the tax code, like 401(k) compliance and teasing out employees who earn too much to make tax-deductible IRA contributions.

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401(k) Taxes Payroll Deductions 52

Benefits Notes

MAY 16, 2022

Employers sponsoring 401(k) or other types of defined contribution plans “pre-approved” by the Internal Revenue Service (IRS) should be aware that the restatement deadline is quickly approaching. The deadline for the current restatement cycle, “Cycle 3,” is July 31, 2022.

401(k) 59

401(k) Taxes Employee Benefits Employment 59

WEX Inc.

JULY 24, 2023

Meanwhile, HSAs are booming in popularity, with total assets eclipsing $104 billion in 2022. HSAs have comparable — or better — perks than a 401(k) or IRA with respect to healthcare costs, including: HSA contributions reduce taxable income. HSA contributions made through payroll are not subject to the 7.65% FICA tax.

Retirement Plan 98

Retirement Plan 401(k) Health Savings Account Taxes 98

Best Money Moves

DECEMBER 9, 2024

The average employer matches 6% of an employee’s Traditional 401k and Roth 401k contributions. Creative solutions (such as student loan debt assistance and tax-advantaged health savings accounts) may be the key to supplementing your current retirement benefits. These benefits trends will continue going into 2025.

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roth 401(k) 401(k) Benefits Package Paid Leave 52

WEX Inc.

OCTOBER 4, 2023

Health savings accounts have a triple-tax advantage, meaning distributions for qualified medical expenses and investment returns are tax-free, and contributions are tax-deductible. You won’t need to pay Social Security or Medicare tax on the funds going into the FSA. It is not legal or tax advice.

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401(k) Flexible Spending Account Health Savings Account Flexible Spending 98

InterWest Insurance Services

MAY 16, 2024

After enrollment in high-deductible health plans soared during the last decade, 2022 marked the first year that enrollment in these plans fell among American workers since 2013, according to a new report by ValuePenguin. workers signed up for HDHPs in 2022, compared to 56% in 2021. The insurance-review website found that 54% of U.S.

401(k) 98

401(k) Deductible Deductions Health Savings Account 98

InterWest Insurance Services

JUNE 6, 2024

After enrollment in high-deductible health plans soared during the last decade, 2022 marked the first year that enrollment in these plans fell among American workers since 2013, according to a new report by ValuePenguin. workers signed up for HDHPs in 2022, compared to 56% in 2021. The insurance-review website found that 54% of U.S.

401(k) 96

401(k) Deductible Deductions Health Savings Account 96

WEX Inc.

JUNE 13, 2023

This can also improve the company through: Higher attraction and retention Tax advantages Employee satisfaction and loyalty Improved employee morale What can you do to give retirement access to your employees? This could be an HSA, 401(k), IRA, and more. There are many ways you can support your employees for retirement.

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Retirement Plan 401(k) IT Healthcare 98

Griffin Benefits

DECEMBER 30, 2021

2022 IRS Contribution Limits for HSA, HDHP, FSA, 401(k). A consolidated list of 2022 IRS contribution limits for tax-advantaged employee benefits accounts such as HSAs, FSAs, 401(k)s, QSEHRA, transportation, and adoption benefits. Do consumers even have a chance?

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401(k) Employee Benefits Healthcare Media 82

Benefit Resource Inc.

JANUARY 3, 2022

Benefit Resource (BRI) is here to help you use your pre-tax funds to combat some of the costs that come with welcoming your new addition. This allows you to save on monthly premiums while putting tax-free money aside in your HSA. The IRS announced 2022 contribution limits, which are $3,650 for an individual and $7,300 for a family.

Taxes 72

Taxes 401(k) Out of Pocket Cost Health Savings Account 72

InterWest Insurance Services

JANUARY 27, 2023

The most recent poll by Gallup found that 38% of those surveyed said they or a family member had delayed care in 2022 due to high costs. These accounts are funded with pre-tax dollars and can be saved up for future use. Funds are not taxed when withdrawn, either. That’s up from 26% in 2020 and 2021.

Out of Pocket Cost 98

Out of Pocket Cost 401(k) Deductions Deductible 98

InterWest Insurance Services

MARCH 22, 2022

Employers with five or more workers – The deadline for registration is June 30, 2022. 401(k) plans. Here’s some information employees need to know: A portion of their pay is automatically deducted after taxes are taken out and transferred to an IRA that belongs to them. 403(a) plans. 403(b) plans.

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401(k) Retirement Plan Employment Deductible 98

HR Professionals Magazine

JULY 26, 2022

State-sponsored: State plans are commonly Roth individual retirement accounts (IRAs), which allow participants to set aside after-tax income up to a specified amount each year. Employee contributions are deducted from post-tax income, so their money is generally tax-free at the time of withdrawal after age 59½.

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Retirement Plan 401(k) Employment Deductions 52