Yes, the Employee Retirement Income Security Act (ERISA) protects 401(k)s from creditors after a bankruptcy. One of the provisions of the Act prevents creditors from liquidating your retirement savings. This usually applies regardless of the amount held in...
The vast majority of income tax filers in the United States, regardless of their age, would prefer to minimize their tax burden. How you can go about maximizing deductions will vary based on your assets, income sources and your annual expenses. There’s no...
While some aspects of life become simpler in retirement, taxes are not necessarily one of them. Determining whether you owe income tax on your Social Security Benefits and the amount you owe can require a bit of extra work. It’s one of the reasons why so many retirees...
It’s not exactly accurate to say Social Security is taxed twice, but it can certainly feel that way. This is often attributable to people seeing Social Security being withheld during their entire working life, then finding out in retirement that those earned Social...
Yes, Social Security is taxed as income for retirees – if the retiree’s combined income meets the minimum requirements. Combined income is your adjusted gross income (AGI) and nontaxable interest combined with half of your Social Security benefits. Individual filers...
How the Tax Brackets Different From the 2022 – 2023 Tax Year? Post-pandemic inflation had more of an impact on tax policy than some people may realize. The IRS did make some adjustments to avoid bracket creep, or the phenomenon where people are inadvertently pushed...
