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
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.
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
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
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
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
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,
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
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
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
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
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