2026 Retirement Plan Taxes 
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).
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. Changed Income- A change in household income this year- up or down- will affect income taxes. Specific rules for claiming dependents apply.
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PayrollOrg
AUGUST 28, 2023
The IRS has announced an administrative transition period to extend until 2026 the new requirement that additional elective deferrals made by higher-income participants in retirement plans be designated as after-tax Roth contributions.
Insperity
OCTOBER 10, 2023
To do this, the law makes broad changes to the foundation of retirement preparation in the U.S.: employer-sponsored 401(k) plans. All company retirement plans started in 2023 and thereafter must have an automatic enrollment and escalation provision – also known as “ you’re in unless you’re out.” The SECURE 2.0
Proskauer's Employee Benefits & Executive Compensa
JANUARY 16, 2024
Employer Reporting : Matching and nonelective Roth contributions are not treated as wages for purposes of FICA and FUTA taxes. Employers must report matching and nonelective Roth contributions as if such contributions were directly rolled over to a designated Roth account in a Roth in-plan conversion.
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. More specifically, SECURE 2.0
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.
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