Tag Archives: Retirement

Are you planning for retirement by saving now? While you probably know that it’s a smart investment in your future, you may not be aware that retirement savings can net you some extra benefits at tax time. Retirement savings can positively affect your tax situation, though you are still responsible for any penalties or fees […]

So you chose an individual retirement arrangement (IRA) to save for your future. This choice can be beneficial at tax time, as contributions to a traditional IRA may be deductible at tax time. There are several different types of IRA plans, including a traditional and Roth IRA, and are set up through a financial institution, […]

All retirement compensation plans are required to follow the rules enacted in 1974 by the Employee Retirement Income Security Act (ERISA) in order to be considered “qualified” by the IRS at tax time. Generally, most 401(k) plans meet these requirements and is considered a qualifying plan as far as your taxes are concerned. Your employer […]

You will receive a 1099-R if you have received any payment from sources such as pensions, annuities or similar plans. This form will report any income earned from these distributions. Pension and Annuity Payments By setting up a retirement funds with your employer you are arranging a compensation agreement. Many retirement plans are contributed to […]