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).

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Taxes 401(k) Retirement Plan Health Savings Account 125

Money Talk

APRIL 14, 2022

The 2021 income tax season will soon be in the history books. With income tax calculations still fresh in our heads, this is a great time to do some tax planning for 2022. Here are 12 tax topics to consider: Itemized Deductions- Only about 10% of taxpayers can itemize since the Tax Cuts and Jobs Act went into effect in 2018.

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Taxes Family and Medical Leave Act 401(k) Deductions 189

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. 401(k) Plans : If two or more 401(k) plans established before December 29, 2022, merge into a single ongoing plan, the ongoing plan is not subject to the SECURE 2.0

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401(k) Taxes Retirement Plan Employment 111

Money Talk

DECEMBER 21, 2023

401(k), 403(b), 457b, and TSP). Tax Uncertainty - The tax code is written in pencil. Income taxes are headed higher in 2026 if Congress does not pass a new tax law and the 2017 Tax Cuts and Jobs Act expires. This change, therefore, aligns workplace Roth account rules with Roth IRA rules.

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401(k) Finance Taxes Media 194

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 The SECURE 2.0

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401(k) Retirement Plan Taxes Benefits Package 111

Snell & Wilmer Benefits

MAY 31, 2024

s increased catch-up contribution limits set to take effect next year, it’s time for 401(k) plan sponsors to brush up on the rules and consider how to administer the changes. Under the current rules, 401(k) plans may allow participants to make catch-up contributions when they are age 50 or older. With SECURE 2.0’s

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401(k) Payroll Taxes Employee Benefits 52

Snell & Wilmer Benefits

AUGUST 28, 2023

requirement that certain catch-up contributions to 401(k) and similar defined contribution plans be made on an after-tax Roth basis. Notice 2023-62 addresses these concerns by giving plan sponsors until January 1, 2026 to implement the SECURE 2.0 More specifically, SECURE 2.0 This SECURE 2.0 Roth catch-up rule.

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401(k) Retirement Plan Taxes Employee Benefits 52