401(k)

Retirement Contribution Limits Increase in 2019

The IRS has announced retirement contribution limits for 2019.  It will be the first time in six years that Individual Retirement Accounts have seen an increase! Contribution limits will increase not only for IRAs, but for 401(k) and other defined contribution plans as well. The IRA annual contribution cap will increase from $5,500 to $6,000.  …

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Have You Made Any of These Financial Mistakes?

As people move through different stages of life, there are new financial opportunities — and potential pitfalls — around every corner. Have you made any of these mistakes? Your 50s and 60s 1. Raiding your home equity or retirement funds. It goes without saying that doing so will prolong your debt and/or reduce your nest …

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Will I owe income taxes when I sell my home?

In general, when you sell your home, any amount you receive over your cost basis (what you paid for the home, plus capital improvements, plus the costs of selling the home) is subject to capital gains taxes. However, if you owned and used the home as your principal residence for a total of two out …

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Safe Harbor 401k Plans: Answers to Common Questions

Safe Harbor 401k plans are the most popular type of 401k used by small businesses today. They automatically pass annual ADP/ACP and top heavy tests and allow business owners to maximize contributions to the plan. To achieve safe harbor status, owners are required to make a contribution on behalf of participating employees. For many employers, …

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Have The Rules for 401(k) In-Plan Roth Conversions Changed?

Yes. Thanks to the American Taxpayer Relief Act of 2012 (ATRA), the rules for making 401(k) in-plan Roth conversions have gotten substantially easier. (These rules also apply to 403(b) and 457(b) plans.) In-Plan Roth Conversions A 401(k) in-plan Roth conversion (also called an “in-plan Roth rollover”) allows you to transfer the non-Roth portion of your …

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