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Personal income is not subject to state taxes in Alaska, Florida and five other states, while 31 states do not impose taxes on Social Security benefits.
January 30 -
Investors are starting to take money out of their 401(k) accounts—despite taxes and penalties involved—assuming it will be replaced as markets continue to surge upward.
January 29 -
Tax-free withdrawals could outweigh an employer's match if early withdrawals are made for expenses like health care.
January 5 -
Early withdrawals from employer-sponsored plans can derail retirement, but may be necessary.
September 8 -
The Internal Revenue Service granted additional relief to victims of Hurricane Harvey on Wednesday by making it easier for 401(k)s and other employer-sponsored retirement plans to give loans and hardship distributions to aid victims.
August 30 -
Surviving spouses will either receive their own Social Security benefit or the survivor's benefit, whichever is higher. But they also may get pushed to a higher tax bracket, which. in turn, could mean higher taxes on Social Security benefits.
August 7 -
Make sure clients understand that a 401(k) rollover could trigger a hefty tax bill, and that liquidating assets before the age of 59 1/2 could mean a hefty penalty.
July 25 -
Tapping a 401(k) isn’t good idea, so it would need to be the lesser of two or more evils. And they “would have to be pretty evil evils," says an expert.
May 31 -
Low-cost passive index funds and sticking to an asset allocation plan even during a market downturn overcame some common pitfalls.
May 30 -
Clients who borrow from their company retirement plans can often get a good rate with no hassle. But if they miss payments, they might face nasty tax charges.
October 26