Reminder: Social Security Benefits May Be Taxable

Reminder: Social Security Benefits May Be Taxable

Up to 50% or more of a taxpayer’s Social Security benefits may be taxable, depending on annual income. If you’d like to find out more about the details of the taxable portion of your benefits, please see this IRS brief.

Please know N&Co always takes these formulas into consideration when calculating your taxes, but we wanted to share the information with you as well.

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Major Changes to Retirement Plans Due to COVID-19

Major Changes to Retirement Plans Due to COVID-19

According to the IRS, qualified individuals affected by COVID-19 may be able to withdraw up to $100,000 from their eligible retirement plans, including IRAs, between January 1 and December 30, 2020.

These coronavirus-related distributions aren’t subject to the 10% additional tax that generally applies to distributions made before reaching age 59 and a half, but they are still subject to regular tax. Taxpayers can include coronavirus-related distributions as income on tax returns over a three-year period. They must repay the distribution to a plan or IRA within three years.
Some plans may have relaxed rules on plan loan amounts and repayment terms. […] Read more