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What is Saver’s Credit?

What is Saver’s Credit?

Saver's credit is a non-refundable tax credit that allows eligible taxpayers who are saving for retirement to enjoy tax breaks apart from the tax deductions they may receive from contributions to their employer-sponsored plans or individual retirement accounts (IRAs)....

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401(k) Hardship Withdrawal: Emergency Access to Your 401(k)

401(k) Hardship Withdrawal: Emergency Access to Your 401(k)

If you are short on funds to deal with an emergency, you may have considered withdrawing from your 401(k). You must know that you cannot simply make a withdrawal from your 401(k) any time you'd like. A 401(k) retirement account is typically designed to allow you to...

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Backdoor Roth IRA: What it is and How to Set One Up?

Backdoor Roth IRA: What it is and How to Set One Up?

If you want the take advantage of current low-income tax rates and set yourself up for tax-free income in retirement, Roth IRA is the best option. However, Roth IRA is unfortunately not an option for people with high incomes. But there is a way high-income earners can...

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What Happens if you Contribute Too Much to a 401(k)

What Happens if you Contribute Too Much to a 401(k)

Maxing out your 401(k) contributions is a good thing. It means that you are making the most out of your employer-sponsored retirement account to enjoy worry-free golden years. Over contributing to your 401(k) isn't allowed, but it's easy to do it by mistake. If you...

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Roth IRA for Kids: Why Your Kid Needs a Roth IRA?

Roth IRA for Kids: Why Your Kid Needs a Roth IRA?

Most people do thin think of a Roth IRA as a way to save for their children’s future. 529 plans are popular but don’t come close to the advantages of using a Roth IRA. No age restrictions Contributions grows tax-fee Contributions can be withdrawn at any time without...

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Using 401k To Buy a House

Using 401k To Buy a House

Are you short of funds to buy your home? Down payment is the biggest entry barrier to buying a house. If you are having difficulty in accumulating funds for making a down payment, you may look at a 401(k)-retirement fund as a convenient cash sourcing option. Can you...

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Understanding Marginal VS Effective Tax Rate

Understanding Marginal VS Effective Tax Rate

The United States has a progressive tax system. What this means is the more money you earn, the more income tax you will pay. There are currently seven tax brackets ranging from 10% to 37%. If you are single and earn $35,000 per year, your tax rate is 12%. If you are...

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Pension Rollover to IRA: Rules, Pros, Cons and More

Pension Rollover to IRA: Rules, Pros, Cons and More

Can you roll over a pension plan into an IRA? Yes, provided it meets two criteria: the pension plan is a "qualified employee plan" (if you've been deferring tax on your contributions, your plan is most likely a qualified plan), and you must have left the company or...

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How Can I Get My 401(K) Money Without Paying Taxes?

How Can I Get My 401(K) Money Without Paying Taxes?

How are 401(k) withdrawals taxed? When you take distributions from a regular or traditional 401(k), they are treated as normal income and subject to income tax. Since your contributions to traditional 401(k) were paid with pre-tax dollars, you are liable to pay taxes...

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How Many IRAs Can You Have?

How Many IRAs Can You Have?

Individual retirement accounts are very popular and make up a third of the retirement assets in the U.S. As of the end of 2017, out of the $28.2 trillion in total retirement assets, Americans held $9.2 trillion in IRAs. IRAs are popular because they offer a way for...

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