IR-2021-57, March 16, 2021 The Internal Revenue Service today reminded taxpayers about the rules for required minimum distributions (RMDs) from retirement accounts.
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In Announcement
2020-7, the Internal Revenue Service (IRS) announced
employers deadline by which to adopt new plan documents
related to Notice
2017-37. The new announcement informs employers that maintain
defined contribution plans (e.g., 401(k) plans, profit-sharing
plans, and money purchase plans) through the adoption of IRS
pre-approved plan documents that they have until July 31, 2022, to
adopt the new pre-approved plan documents restated as a result of
the changes to the Notice 2017-37 requirements regarding retirement
plan qualification, generally known as the 2017 Cumulative
List.
401k Plans Using Pre-approved Plan Docs Must Be Restated natlawreview.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from natlawreview.com Daily Mail and Mail on Sunday newspapers.
KXLY
March 11, 2021 6:20 AM Kat Tretina - Forbes Advisor
Posted:
Updated:
March 13, 2021 4:36 AM
If you’re new to saving for retirement, all the unfamiliar jargon can be off putting. Here’s a primer on 20 of the most common retirement terms, outlining what they mean and why they’re important. Start here to build your retirement planning confidence.
1. 401(k)
A 401(k) is the most popular employer-sponsored retirement savings plan. With a traditional 401(k), you contribute a portion of each paycheck to the plan, pick your investments and don’t pay taxes on the contributions or earnings until you start taking withdrawals. As of 2021, 401(k) contribution limits are $19,500 per year, or $26,000 if you’re 50 or older.