Changes to Form W-4 Coming in 2020

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The Form W-4, the Employee’s Withholding Allowance Certificate, determines the amount of Federal Income Taxes to be withheld from an employee’s paycheck. The IRS encourages everyone to use the Tax Withholding Estimator to perform a quick paycheck checkup to protect against having too little tax withheld and facing an unexpected tax bill. After being delayed a […]

New Updated Required Minimum Distribution Tables

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Taxpayers who have attained the age of 70½ must begin to consider taking distributions from qualified retirement plans, simplified employee pensions (SEPs), Simple IRAs and traditional “non-Roth” IRAs. A required minimum distribution (RMD) is the amount of money that must be withdrawn from a by owners of those plans.  Under the rules, taxpayers must begin […]

IRS Releases 2020 Limits for Pension and Retirement Plans

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The Internal Revenue Service has released cost-of-living adjustments to pension plans and other retirement-related items for 2020 in IR-2019-179. Many of the limits applicable to pension and other retirement plans have increased, however, the limit on annual contributions to an IRA remains unchanged at $6,000. The additional catch-up contribution limit for individuals aged 50 and […]