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Potential Income and Estate Tax Savings

The death of a husband or wife can be an overwhelming time for the surviving spouse, especially when it comes to financial decisions.

While student loan forgiveness was a hotly debated topic throughout the past year, one piece of legislation was passed to help those with student loan debt get out from under it faster.

Individuals who have set up 529 plans need to be aware of recent changes to the plans.

On Wednesday, the Internal Revenue Service announced it will increase the amount individuals can contribute to their 401(k) plans in 2024.

Men and women who retired as members of the Ohio Public Employees Retirement System, commonly called OPERS, need to be aware of a change that may affect their healthcare coverage.

OPERS retirees who are not of Medicare age will need to opt in during an upcoming open enrollment period in order to receive monthly payments to purchase health coverage. This is required, as the current OPERS group healthcare plan will be terminated at the end of the year.

The IRS has released the retirement contribution limits for the 2021 tax year. The new limits are adjusted based on increases in the cost of living.

The Internal Revenue Service recently announced anyone, who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts, now has the opportunity to roll those funds back into a retirement account following the CARES Act RMD waiver for 2020.

This 60-day rollover period for any RMDs already taken this year has been extended to Aug. 31, 2020, in order to give taxpayers time to take advantage of this opportunity.

The CARES Act will provide billions of dollars of relief to individuals, businesses, state and local governments, and the health care system.

After extensive negotiations, an agreement was reached on a massive stimulus bill to address the financial and health care crisis resulting from the coronavirus (COVID-19) pandemic.

A new piece of legislation enacted in late December will help simplify the retirement system and help individuals increase their savings.

The “Setting Every Community Up for Retirement Enhancement” Act or SECURE Act, which was part of the Further Consolidated Appropriations Act of 2020 expands opportunities for individuals to increase their savings, and makes administrative simplifications to the retirement system.

Among the major changes for individuals are:

The IRS has released the retirement contribution limits for the 2020 tax year. The new limits are adjusted based on increases in the cost of living.