America’s most attractive retirement plan just became more accessible. A new law lets owners of 529 college savings plans redirect unused dollars to a tax-free Roth account, making the latter, the Cadillac of retirement strategies, more available to a new generation of savers. Under legislation signed into law last month, investors can roll up to […]
Inflation will drive up more than 60 tax provisions for 2023, including the tax rates, according to the Internal Revenue Service. Revenue Procedure 2022-28 details the annual adjustments for tax year 2023, with filing in 2024, including: Standard deduction. For married couples filing jointly — $27,700, up $1,800 from the prior year; for single and married filing […]
National Taxpayer Advocate Erin Collins expressed concern Wednesday in a midyear report to Congress about continuing delays by the Internal Revenue Service in processing tax returns filed on paper last year, pointing to far higher numbers than the IRS itself claimed just a day ago. Collins said that at the end of May, the agency had a […]
If you’re on the receiving end of an inheritance, odds are the money is coming to you out of the deceased’s retirement account. And you may be asked — or sometimes told — to set up an Inherited IRA. Inherited IRAs (investment retirement accounts) are accounts a person sets up with the funds bequeathed to […]
Internal Revenue Service Commissioner Charles Rettig told lawmakers the IRS has been working hard this past filing season during a congressional hearing Thursday as he heard first-hand testimony from their constituents about the problems they encountered. “IRS employees want to do more to help taxpayers,” he said in his opening statement. “We want to be […]
