ROTH IRA FOR A TEENAGER
The mailman delivered my son’s 2023 W-2 the other day. I was curious about what he earned last year as a lifeguard at our community pool, so I opened the envelope. Box 1, “Wages, tips, other compensation,” said $4,500. Not too bad for a teenager working a summer job – [...]
529-TO-ROTH: NOW AVAILABLE
Just over a year ago (December 2022), the SECURE 2.0 Act was signed into law. That legislation contained an extensively discussed provision – allowing excess dollars in a 529 college savings plan to be rolled over to a Roth IRA. At the time, we knew there were a couple of [...]
GUIDANCE ON ROTH 401K EMPLOYER CONTRIBUTIONS
On December 20, 2023, the IRS issued Notice 2024-02, which includes guidance on 12 provisions of the SECURE 2.0 legislation. This article will address the guidance on Roth 401k employer contributions and other plans. Most workplace savings plans provide company contributions. Those contributions are either matching contributions only for employees [...]
PEAK 65 AND YOUR IRA
In 2024, more Americans than ever before will reach age 65. By this summer, 12,000 baby boomers will celebrate their 65th birthday each day. This demographic milestone has been called “Peak 65.” If you are in this group, what does Peak 65 mean for your IRA? Prime Time for Planning [...]
THE SECURE ACT 2.0
Here’s What It Means For You
On December 29, 2022, the SECURE 2.0 Act was signed into law. While “Son of SECURE” is not quite the game changer for IRAs that the original SECURE Act was, there are many new provisions. How will this legislation affect you and your retirement savings? Download the Guide for some highlights and effective dates.
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Steven J. Toto, CPF®
Proud Member of Ed Slott’s IRA Advisor Group
Members of Ed Slott’s Elite IRA Advisor GroupSM train with Ed Slott and his team of IRA professionals on a continuous basis. Members are immediately notified of changes to the tax code and updates on retirement planning, so you can be sure your retirement dollars are safe from unnecessary taxes and fees. Retirement planning is complicated. It is a personal and situational endeavor with possible pitfalls in the way of success. There are approximately 500 members throughout the country and Steven Toto is one of them. He is armed with current, cutting-edge IRA information to help service his clients, their families, and members of the Newtown, PA & Princeton, NJ communities. If you are interested in discussing your situation with Mr. Toto, give us a call today.
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