Qualified Charitable Distribution (QCD)
Definition A distribution that is excludable from the distributee’s income, as a result of meeting the following requirements: It is made after the distributee reaches
401K
A tax-deferred employer-provided retirement savings account, to which eligible employees may defer part of their salary. Salary deferral can be pre-tax or post-tax include Roth 401(k)s.
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IRS Announces IRA and Plan Limits for 2024
IRS Announces IRA and Plan Limits for 2024 by Denise Appleby (Connect with Denise on LinkedIn) The IRS issued Notice 2023-75 in which they provide retirement
Catch-up Contribution
Definition An additional contribution that can be made to a retirement plan by a participant who is at least age-50 by the end of the
Salary Deferral Contribution
Definition A contribution made pursuant to a participant’s election to have a portion of his/her salary/wages contributed to his/ her employer sponsored plan rather than
Key Employee
Definition An employee who, at any time during the plan year, is (i) an officer of the employer having an annual compensation greater than $180,000,
SECURE Act Updates
How Secure 2.0 Helps Protect Investors From Penalties and Excise Taxes
How Secure 2.0 Helps Protect Investors From Penalties and Excise Taxes? Learn what your clients should know about key tax saving provisions covered in SECURE
SIMPLE 401(k) Plan
Definition A SIMPLE 401(k) plan is a 401(k) plan established by a small business for it’s employees. Earnings accrue on a tax-deferred basis and distributions
When Do I reach Age 70 ½ for RMD Purposes?
Definition You reach age 70 1/2 ( 70.5) 6-months after the 70th anniversary of your date-of-birth. The significance of age 70 1/2 The significance of
401K
Age 70 ½
Definition 6-months after the 70th anniversary of an individual’s date-of-birth. The significance of age 70 ½ is that, for IRA owners and plan participants who
