It’s not unusual for parents to end up with unused funds in their children’s 529 college savings plans. There’s a new option that allows them to transfer unused funds in a 529 plan to a Roth IRA. Here are the details.
Individuals
Your Weekly Read
If you didn’t contribute to an IRA last year, there’s still time
Saving now for retirement is one of the smartest moves you can make to help ensure financial security. If you’re eligible, you still have time to contribute to an IRA or SEP and save on your 2023 tax return.
IRAs: Build a tax-favored retirement nest egg
How much can you save in an individual retirement account this year and when do you have to start making withdrawals? Here are the answers to these and other IRA questions.
If you have charitable contributions, make sure you have substantiation
Did you make a charitable gift last year and are hoping for a tax break when you file your return? Here are the donation rules to secure a deduction.
Answers to your tax season questions
When will my 1099 forms arrive and when is the best time to file my tax return? Here’s the answer to these and other tax season questions you may have.
How to claim a medical expense tax deduction
Out-of-pocket medical expenses can cost you a bundle. Can you deduct these expenses on your tax return? The requirements and limits may make it difficult. Here are the rules.
4 ideas that may help reduce your 2023 tax bill
Before you know it, 2024 will be here. But until then, there may still be time to reduce your 2023 federal tax liability by taking these steps.
11 Exceptions to the 10% penalty on early IRA withdrawals
If you need cash, you may want to tap your traditional IRA. But if you’re not yet 59½, you may have to pay a penalty tax if you do. Here are 11 exceptions to the penalty.
What are the tax implications of winning money or valuable prizes?
There are tax implications if you hit a sizable jackpot in the lottery or while gambling. Here are the basic rules.
Contributing to your employer’s 401(k) plan: How it works
Does your employer offer a 401(k) plan, but you haven’t started participating? Here are the basic features of these plans to illustrate why you should strongly consider it.
Read something interesting? Want more information? Give us a call, and we will be happy to assist you in any way we can.
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