Money Talk

JANUARY 18, 2023

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. When bracket incomes rise, people may be taxed at lower tax rates. million per individual in 2023 vs. $12.06 million in 2022).

401(k) 246

401(k) Banking Deductions Deductible 246

Money Talk

APRIL 11, 2024

The 2023 income tax filing deadline is only days away (April 15, 2024 in most of the U.S.). It will be a busy weekend for many taxpayers and tax preparers who are filing tax returns or tax filing extensions. money that has been taxed) and can be withdrawn at any time for any reason tax-free and penalty-free.

401(k) 186

401(k) Taxes Retirement Plan Pension 186

BerniePortal

NOVEMBER 9, 2022

But with inflation at or near 40-year highs, those changes are especially relevant for 2023. Read on to learn more about the updated IRS numbers you need to know for the coming tax year. The Internal Revenue Service, or IRS, regularly makes changes to adjust its regulations in response to inflation.

401(k) 98

401(k) Taxes IT 98

InterWest Insurance Services

NOVEMBER 25, 2022

The IRS has released the 2023 maximum contribution amounts for health savings accounts and flexible spending accounts. The changes, which the IRS releases in November each year, will affect contribution limits for HSAs, FSAs and 401(k) and other retirement accounts. 7,750 for family coverage (up $450). Retirement plan maximums.

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401(k) Deductions Deductible Flexible Spending Account 87

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

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401(k) Taxes Pension Deductions 245

Money Talk

JULY 13, 2023

Below is a brief summary of a few key retirement savings provisions from about 100 changes contained in this legislation: RMD Changes- Effective January 1, 2023, the starting age for required minimum distributions (RMDs) for people born from 1951 to 1959 is now 73 instead of 72 and the starting age for those born in 1960 or later is now 75.

401(k) 130

401(k) Retirement Plan Taxes Salary 130

Money Talk

JUNE 13, 2024

With the 2023 tax filing deadline in the rear view mirror, now is a good time to look ahead to 2024 taxes that you will owe in April 2025. This post extends that discussion with a description of seven key steps to take to plan for your 2024 tax return due in 2025. 401(k) plan).

Taxes 126

Taxes 401(k) Retirement Plan Health Savings Account 126

Money Talk

AUGUST 31, 2023

America’s 401(k) Experiment - 2023 is the 45 th anniversary of tax-deferred 401(k) retirement savings plans that workers fund with voluntary contributions from their pay. Baby Boomers were “guinea pigs” for the use of 401(k)s, often as a substitute for defined benefit pensions.

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401(k) Pension Food Finance 160

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. Employees can deposit an incremental $200 into their Health Care FSAs in 2023.

401(k) 85

401(k) Retirement Plan Health Savings Account Deductions 85

HR Digest

MARCH 28, 2023

One popular way to get your retirement plan sorted in the United States is through a 401(k) plan. A 401(k) plan is a type of retirement account offered by employers to their employees. It allows employees to save a portion of their pre-tax income for retirement. How does 401(k) work?

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401(k) roth 401(k) Retirement Plan IT 64

Proskauer's Employee Benefits & Executive Compensa

JANUARY 16, 2024

requires that 401(k) plans established after December 28, 2022, implement automatic enrollment provisions for plan years starting after December 31, 2024. In other words, if a plan was adopted on November 1, 2022, with an effective date of January 1, 2023, the plan would not be subject to the SECURE 2.0 Merger of Pre-SECURE 2.0

401(k) 111

401(k) Taxes Retirement Plan Employment 111

HR Lineup

OCTOBER 25, 2023

As we step into 2023, retirement planning has become more critical than ever. One of the cornerstones of retirement planning is the 401(k) plan, and choosing the right provider can significantly impact your financial future. What is a 401(k)? 10 Best 401(k) companies of 2023 1.

401(k) 52

401(k) Retirement Plan Taxes Education 52

Insperity

OCTOBER 10, 2023

employer-sponsored 401(k) plans. Act seeks to: Open access to 401(k) retirement plans to more people Provide greater opportunities to save Offer financial incentives to save while removing common barriers and penalties So, what does the law require of employers? The SECURE 2.0 Major highlights of the SECURE 2.0

401(k) 113

401(k) Retirement Plan Taxes Benefits Package 113

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

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. We are hopeful that guidance will be issued sometime in 2023. Prior to SECURE 2.0,

401(k) 115

401(k) Education Taxes Employment 115

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.

401(k) 59

401(k) Deductions Deductible Taxes 59

Business Management Daily

SEPTEMBER 1, 2023

The saga of 401(k) catch-up contributions under SECURE 2.0 Beginning with catch-up contributions to be made next year, employees whose Social Security wages (W-2, Box 3 wages) exceed $145,000 this year can make catch-up contributions on a Roth, after-tax basis only. is well known.

401(k) 97

401(k) Taxes Payroll Software Payroll 97

Business Management Daily

JANUARY 5, 2023

The last act of the 117th Congress was to pass the Consolidated Appropriations Act, 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) 52

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

WEX Inc.

JULY 24, 2023

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. Withdrawals for HSA eligible medical expenses are tax-free. Yes,” Cook said.

Retirement Plan 98

Retirement Plan 401(k) Health Savings Account Taxes 98

InterWest Insurance Services

MARCH 7, 2024

If you have staff with health savings accounts, they still have until April 15 to make additional contributions to their accounts if they want to reduce their tax bills for last year. Under IRS rules, for 2023 employers and employees can contribute a combined $3,850 for single employees and $7,750 for families.

401(k) 88

401(k) Health Savings Account Pharmaceutical Deductible 88

CorpStrat

JANUARY 17, 2023

401(k) plans. DOWNLOAD OUR FREE PDF DETAILING 2023 LIMIT INCREASES: DOWNLOAD PDF. This Compliance Overview includes a chart of the inflation-adjusted limits for 2023. Due to high rates of inflation, all of these limits will substantially increase for 2023. Health FSA pre-tax contribution limit.

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401(k) Employee Benefits Flexible Spending Account Health Savings Account 52

Proskauer's Employee Benefits & Executive Compensa

OCTOBER 25, 2022

On October 21 st , the IRS released a number of additional inflation adjustments for 2023, including to certain limits for qualified retirement plans. Earlier last week, the IRS announced the 2023 inflation adjustments for Flexible Spending Accounts and transportation fringe benefits, as discussed here. Increase from 2022 to 2023.

Retirement Plan 52

Retirement Plan 401(k) Flexible Spending Account Flexible Spending 52

Money Talk

AUGUST 24, 2023

Tax Concerns - Some retirees, especially those who were diligent savers during their working years, wind up in a higher tax bracket in retirement than they were in during their primary careers. Taxes are exacerbated when one spouse in a couple dies, and the survivor must file taxes as an individual.

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401(k) Taxes Life Insurance Insurance 100

Benefits Notes

DECEMBER 28, 2022

Congress made several changes to retirement plans as part of the Consolidated Appropriations Act of 2023 , which recently passed both the House and Senate. The age for required minimum distributions is increased to age 73 beginning on January 1, 2023, and further increased to age 75 on January 1, 2033. Act of 2022.”

401(k) 52

401(k) Retirement Plan Taxes Salary 52

Proskauer's Employee Benefits & Executive Compensa

JUNE 15, 2023

The IRS recently issued Notice 2023-43 providing new interim guidance for self-correction of plan errors. Interim Guidance on Self-Correction in Notice 2023-43 Notice 2023-43 addresses self-correction of “ Eligible Inadvertent Failures ” prior to the SECURE 2.0 The SECURE 2.0 update to the EPCRS. of the SECURE 2.0

401(k) 84

401(k) Taxes Retirement Plan Employment 84

Proskauer's Employee Benefits & Executive Compensa

NOVEMBER 3, 2023

The table below provides an overview of the key adjustments for qualified retirement plans.

Retirement Plan 101

Retirement Plan Employee Compensation Taxes 401(k) 101

Business Management Daily

MAY 9, 2024

That’s especially true whenever new changes come about, and 2023 was a year rife with new payroll regulations, trends, and initiatives. It provides provisions aimed at improving employee retirement outcomes and makes starting 401(k) plans more attractive and beneficial for employers – even those with 50 or fewer employees.

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Payroll 401(k) Taxes Retirement Plan 52

McNees

AUGUST 28, 2023

Individuals who are 50 years old or older may make additional contributions to 401(k) plans, referred to as catch-up contributions. included a requirement that starting January 1, 2024, only participants who earn $145,000 or less (as adjusted) in the previous year may make pre-tax contributions.

401(k) 52

401(k) Taxes Employee Benefits 52

Snell & Wilmer Benefits

AUGUST 28, 2023

On August 25, 2023, the IRS issued Notice 2023-62 , which gives retirement plan sponsors a two-year administrative transition period to implement the SECURE 2.0 requirement that certain catch-up contributions to 401(k) and similar defined contribution plans be made on an after-tax Roth basis. This SECURE 2.0

401(k) 52

401(k) Retirement Plan Taxes Employee Benefits 52

Business Management Daily

JUNE 26, 2023

In fact, ROBS is currently the most popular form of business financing in 2023. A fiscal year simply represents the 12-month period that a business uses for its accounting, taxes, and budgeting purposes. These types of business expenses are often tax deductible, which is a bonus. The good news? What is a ROB?

Finance 105

Finance Banking 401(k) Deductions 105

WEX Inc.

OCTOBER 15, 2024

“Health savings accounts are booming in popularity, with total assets eclipsing $123 billion in 2023 – nearly triple from just five years earlier – and yet they’re still widely misunderstood,” said Robert Deshaies, Chief Operating Officer of Benefits at WEX. Employers’ contributions to employees’ HSAs are tax deductible.

401(k) 52

401(k) Health Savings Account Flexible Spending Account Taxes 52

Higginbotham

APRIL 11, 2022

On April 5, 2022, the IRS released a proposed rule that would change the existing rules for eligibility for the premium tax credit (PTC). If this rule is finalized, the change would likely mean that more individuals will be newly eligible for a premium tax credit for coverage purchased through the Exchange. Employer Takeaway.

401(k) 52

401(k) Taxes Retirement Plan Pension 52

PeopleStrategy

DECEMBER 12, 2023

People like HSAs in part because of their triple tax advantage. Contributions, interest and earnings, and amounts distributed for qualified medical expenses are all exempt from federal income tax, Social Security/Medicare tax and most state income taxes.

401(k) 52

401(k) Overtime Health Savings Account Retirement Plan 52

WEX Inc.

OCTOBER 8, 2024

In 2023, HSA investment assets grew 37% year-over-year to nearly $46 billion. Investing in an HSA differs from a 401(k) or IRA because offers a unique triple-tax advantage: contributions are tax-deductible, growth is tax-free, and withdrawals for qualified medical expenses are also tax-free.

401(k) 52

401(k) Health Savings Account Deductions Deductible 52

Business Management Daily

SEPTEMBER 17, 2021

The budget reconciliation bill Congress is currently considering is a key piece of legislation and will affect your payroll and benefits administration , as well as your corporate tax rate and your appetite for tax risk. Stricter tax enforcement is one of the ways those who drafted the legislation hope to pay for its costly provisions.

Payroll 52

Payroll 401(k) Taxes Employment 52

Benefits Notes

AUGUST 29, 2023

Act of 2022 (“SECURE 2.0”) required that effective as of January 1, 2024 , participants in 401(k) plans, 403(b) plans, or governmental 457(b) plans, who were age 50 or older and whose Social Security wages for the previous year exceed $145,000 (indexed), only be permitted to make catch-up contributions under such plans on a Roth (after-tax) basis.

401(k) 52

401(k) Retirement Plan Executive Compensation Taxes 52

WEX Inc.

APRIL 3, 2023

For employers, HRAs or HSAs come with perks, including tax savings and increased employee retention. Health reimbursement arrangement An HRA is an employer-funded benefits plan that employees use to save pre-tax dollars on medical costs. In an HSA, in 2023, a single has a limit of $3,850 and family $7,750. Investment potential.

Health Savings Account 52

Health Savings Account 401(k) Flexible Spending Account Taxes 52