FinanceBuzz

Whether you're filing your own taxes or you are a professional, understanding what income the IRS doesn’t tax can be very helpful. Here are 10 types of earnings that are not taxed.

10 Types of Income the IRS Will Not Tax in 2024 (Thankfully!)

The IRS has issued final regulations on inherited IRAs under the SECURE Act. The rules require most non-spouse beneficiaries to deplete inherited retirement accounts within ten years and take annual Required Minimum Distributions (RMDs). This marks a significant change from the previous lifetime “stretch” withdrawal option. The 10-year...

IRS issues new RMD rules for IRAs

McPhersonBuzz News

The IRS will soon issue tax refunds to help with expenses, while upcoming changes to Social Security work credits and proposed tax reforms in “Project 2025” could affect your retirement planning and financial stability. IRS Tax Refunds Coming Soon – What You Need to Know About Social Security Work Credits and 2025 COLA According to […]

$1,730 to Earn One Credit: IRS Tax Refunds, Social Security Work Credits, and “Project 2025” Tax Reforms – What You Need to Know!

Retirement Daily

Understand the IRS's final regulations on required minimum distributions (RMDs) under the 10-year rule and how they impact beneficiaries of retirement accounts.

IRS Proposes New RMD Regulations: Impact on Retirement Planning

Kiplinger

The agency has resolved a major point of uncertainty for inherited IRA beneficiaries.

IRS Ends Inherited IRA Confusion: Annual RMDs Required for Many

The IRS requires seniors to start taking distributions from tax-deferred retirement accounts starting the year after they turn 73. If you plan in advance and think long term, a couple strategies can lead to lower RMDs now and in the future. If you're still working, you may get some relief...

3 Ways to Reduce or Avoid Required Minimum Distributions (RMDs) in 2024 That Everyone Should Know

The Motley Fool

You may not get to keep all of your benefits after all.

Is the IRS Coming for Your Social Security Check?

In 2023, many tax deductions have increased due to inflation adjustments, offering more savings opportunities, though no new deductions have been added and some existing ones have updated limits. 2023 Tax Deductions See Inflation-Driven Increases – Standard Deduction Up 7%, IRA and HSA Limits Raised According to the report of The Street, in 2023, many […]

2023 Tax Deductions Boosted by 7%: Here’s What You Need to Know – $13,850 Standard Deduction, $75,000 Income Threshold for Student Loan Interest

Don't withdraw everything. Learn how to access specific 401(k) funds.

Minimize Taxes on In-Service 401(k) Withdrawals

WashingtonExaminer

September’s Supplemental Security Income payment, worth up to $943, will go out to millions of beneficiaries on Aug. 30.  Typically, SSI recipients receive one payment of $943 each month. However, during August, retirees will receive two checks because they will obtain September’s payment as well.  SSI payments are typically sent on the first of each […]

Social Security update: September direct payment worth $943 goes out in 28 days

Social Security's cost-of-living adjustment (COLA) is a highly anticipated annual announcement. Despite modest downward revisions following the May inflation report, COLA estimates for 2025 range from 2.6% to 3%. Social Security's seniors are likely facing a no-win scenario, regardless of whether COLAs rise, fall, or remain right around their current...

Social Security's 2025 Cost-of-Living Adjustment (COLA) Is Shaping Up to Be a Lose-Lose Scenario for Retirees

SmartAsset

For many people, early retirement means 62. This is the age they can start withdrawing money from their retirement accounts and receive Social Security. For example, let's assume an individual with $425,000 in a Roth IRA, a $1,000 monthly pension, and expect $1,600 in Social Security. Is it going to be enough? As often in […] The post I’m 62 With $425k in a Roth IRA and $2,600 per Month between Social Security and Pension. Can I Retire Now? appeared first on SmartReads by SmartAsset.

I'm 62 With $425k in a Roth IRA and $2,600 per Month between Social Security and Pension. Can I Retire Now?

TheStreet

The IRS changed the way tax withholding is calculated in 2020, but you might be surprised by what happened to withholding allowances.

Withholding allowances: Are they still used on IRS Form W-4?

For most retirees, Social Security income is a necessity to make ends meet. Even though the average retired-worker benefit in May was only $1,916.63 (about $23,000 on an annualized basis), no social program pulls more seniors out of poverty each year than Social Security. Moreover, 23 years of annual surveys...

7 Ways You Can Lose Some, or All, of Your Social Security Benefit

Last week, the IRS confirmed that most nonspouse beneficiaries have 10 years to deplete inherited retirement accounts and must take yearly required minimum distributions, or RMDs. The rule applies to accounts inherited since 2020 if the original account owner had already started RMDs. However, you could save on taxes by...

IRS issues final rules for inherited IRAs — but many are 'missing the boat' on taxes, pro says

Sen. Joni Ernst (R-IA) is pushing for a regular audit of the Internal Revenue Service after a new inspector general report found that nearly 6,000 employees owe nearly $50 million in back taxes. The July 24 report, requested by Ernst and conducted by the Treasury Inspector General for Tax Administration, found that while 96% of […]

IRS audit report finds employees owe $50 million in back taxes: ‘Double standard’

The IRS made it harder to spread out your child's inheritance, but consider delving into the game-changing reasons behind a no-inheritance approach.

Retirees Planning to Leave IRAs to Their Heirs Need to Know About This New IRS Rule

California State

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The HD Post

CALIFORNIA – Plaintiffs, in a case against Wells Fargo alleging that the bank knowingly took part in a marketing scam, asked the court, July 8, not to grant a motion for summary judgment.

Class action lawsuit says Wells Fargo customers lost over $160 Million

Chicago, IL

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Foodie in Chicago

Shortly before 3 AM, people in the Chicago area may have felt their houses shake as a 3.4-magnitude earthquake occurred about 60 miles west of the city. (CHICAGO) The United States Geological Survey (USGS) reported a 3.4-magnitude earthquake around Somonauk, IL. Somonauk is in DeKalb and LaSalle Counties, 64 miles west of Chicago.

Did You Feel the Earthquake?

If you've received Social Security payments before 1997, your July check should have already arrived. For other recipients expecting a check this month, we'll break down when you can expect your payment to come in below. If you're still waiting on your check from the month of June, check out why it may not have arrived and what you can do about it.

Social Security Payment July 2024: Here's When Your Money Is Coming

PYMNTS

NewsBreak

Mind Your B’s and P’s: IRS Notices and Penalties Loom for Unprepared Firms This Fall

April has come and gone but a slew of IRS notices loom this fall as companies may be on the hook for erroneously filed returns, or...

Mind Your B’s and P’s: IRS Notices and Penalties Loom for Unprepared Firms This Fall

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