/Tag: 401(k) retirement tax planning

IRS announces 2017 COL adjustments affecting pension plans

By |2016-10-28T20:33:56+00:00October 28th, 2016|Categories: News|Tags: , , , , |

The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2017.  The IRS today issued technical guidance detailing these items in Notice 2016-62. Highlights of changes for 2017 The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement [...]

Consider Your Options Before Borrowing from Your 401(k)

By |2017-05-24T13:42:22+00:00October 20th, 2014|Categories: Tax Planning|Tags: , , , , |

If you need money before retirement, borrowing from your 401(k) is one option. Whether it is a good idea depends on your personal financial situation. It is important to understand the potential costs of this type of loan before making your decision. Borrowing from your 401(k) is a formal loan. You will be charged interest and will have set payment dates. The interest you pay on the loan is not tax deductible. This is true even if you use the proceeds for your home.

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