Tag Archives: Roth IRA

Secure Act 2.0 Brings Big Changes to Retirement Planning in 2023 and Beyond by Jonathan Kraes, CPA

Posted on February 07, 2023 by Jonathan Kraes

Congress closed out 2022 with the passage of a $1.7 trillion spending bill that, among other things, ushers in new rules and regulations intended to help more Americans save for retirement. Following is a brief overview of some of the more significant changes individual taxpayers should prepare for beginning in 2023. Raises the Age for […]

IRS Increases Retirement Plan Contribution Limits for 2023 by Jack Winter, CPA/PFS, CFP

Posted on December 08, 2022 by Jack Winter

The IRS recently released its annual cost-of-living adjustments for retirement savers, increasing the annual limits participants can contribute to those plans in 2023. Employer-Sponsored Retirement Plans The maximum amount you may contribute via salary deferral to an employer-sponsored 401(k) or 403(b) retirement savings plan in 2023 is $22,500, up from $20,500 last year. If you […]

Mega Backdoor Roths Can Help 401(k) Participants Supersize Retirement Savings by Jeffrey M. Mutnik, CPA/PFS

Posted on August 13, 2021 by Jeffrey Mutnik

Employer-sponsored 401(k) plans are excellent vehicles for individuals to save for retirement during their prime earning years. Annual contributions made today with pretax dollars grow tax-deferred until you reach retirement age, when the distributions you take are treated as taxable ordinary income. However, even if you are diligent and contribute the maximum allowable amount to […]

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