Young workers will be allowed to contribute up to $22,500 pretax to a 401(k) in 2023, while those 50 and older will be able to sock away $30,000. getty The Internal Revenue Service announced today that young workers will be allowed to contribute up to $22,500 pretax to a 401(k) or similar retirement savings plan… More
getty We’ve had Roth options in 401(k) plans for some time now and Roth IRAs even longer. This has given people a chance to discover how Roths can offer savings advantages for retirement and other financial needs. The Roth option has usually been seen from the perspective of retirement alone. “The Roth IRA can payoff… More
Ask Larry Economic Security Planning, Inc. Today’s Social Security column addresses questions about figuring benefit rates, taking retirement benefits before later divorced spousal benefits and whether the 5.9% COLA applies to all benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc. See more… More
NEW YORK, NY – JUNE 24: A sign advertises an apartment for rent along a row of brownstone townhouses … [+] in the Fort Greene neighborhood on June 24, 2016 in the Brooklyn borough of New York City. According to a survey released on Thursday by real-estate firm RealtyTrac, Brooklyn ranked as the most unaffordable… More
CHICAGO – NOVEMBER 1: Current federal tax forms are distributed at the offices of the Internal … [+] Revenue Service November 1, 2005 in Chicago, Illinois. A presidential panel today recommended a complete overhaul of virtually every tax law for individuals and businesses. (Photo Illustration by Scott Olson/Getty Images) Getty Images There is a lot… More
Social Security on the Internet getty Social Security just upgraded its website in several very valuable ways. But the site still suggests you can accurately calculate your benefits using Social Security’s calculators. Not true. For several clear reasons, those calculators aren’t good enough even for government work. Larry Kotlikoff is a Professor of Economics at… More
The Bank of Portugal has licensed all of the exchanges that have had their accounts closed, including Criptoloja, Mind The Coin and Luso Digital Assets. Several large banks in Portugal have reportedly begun closing the accounts of cryptocurrency exchanges due to “risk management” concerns, suggesting a shift in Portugal’s pro-crypto position. The country’s central bank… More
The proposal calls for a separate 20% tax on crypto earnings and exemptions of any tax on crypto gains, with losses carried forward for up to three years. The Japan Crypto-Asset Business Association (JCBA) and the Japan Crypto-Asset Exchange Association (JVCEA), the two prominent crypto advocacy groups in Japan, released a tax reform request that… More
Everyone is still paying more than they’d like at the pump. Even after falling from a record high of over $5 per gallon in mid-June, national average gas prices are still $4.50 a gallon, with California tipping the scales of an average price of $5.69 a gallon. There are plenty of reasons for it –… More
JACKSON, KY – JULY 28: Flooding is seen on Bays Street in Jackson, Kentucky on July 28, 2022 in … [+] Breathitt County, Kentucky. The flooding in Jackson is not expected to crest until 9 P.M. this evening. (Photo by Michael Swensen/Getty Images) Getty Images The IRS has announced that storm victims in parts of… More
Someone in Illinois bought the winning ticket, and if he or she does like most winners, they will take the lump sum, not the annuity. The $1.28 billion prize, which is the second-largest jackpot in Mega Millions lottery history, can be claimed in a lump sum or over time. The 1.28 billion is only if… More
The Mega Millions jackpot has risen to $1.1 billion, up from $810 million. With eye-popping numbers, it’s easy to get lottery mania. Winning would be great, but the taxes are big too. Lottery winnings are taxed, with the IRS taking up to 37%. Curiously, though, only 24% is withheld and sent directly to the government.… More
IRS acknowledges many CP-14 notices were sent in error. getty Yesterday the IRS issued a statement acknowledging that “some payments made for 2021 tax returns have not been correctly applied to joint taxpayer accounts, and these taxpayers are receiving erroneous balance due notices (CP-14 notices) or notices showing the incorrect amount.” The problem started being… More
Topline Pending home sales—a leading indicator for housing market activity—plunged by a more than expected 20% in June compared to a year ago, according to new data from the National Association of Realtors on Wednesday, with experts warning that higher mortgage rates will continue to negatively impact demand. A surge in borrowing costs has continued… More
An unsold car could be donated to charity instead getty Donating a vehicle to charity, such as an automobile, boat, or even a plane, can have both practical and tax-related benefits to donors despite some IRS limitations on these gifts. For donors to realize the benefits, a qualified 501(c)(3) charity must accept the gift. This… More
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