
Articles
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1 week ago |
wealthup.com | Rocky Mengle
You stashed thousands of dollars in a 529 college savings plan so your child can attend college. But what happens to the unused 529 funds if your child decides not to go to college, gets a full scholarship, picks a much less expensive school than you expected, receives an appointment to a military academy, or otherwise doesn’t need all the money you saved? If you’re not careful, you could be hit with a big federal income tax bill and an IRS penalty if you have leftover 529 funds.
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1 week ago |
wealthup.com | Rocky Mengle
Even though you only have to file a federal income tax return once per year, you generally must make tax payments to the IRS periodically during the year. If you work for someone else, it’s easy: Your employer will withhold income taxes from your paycheck and send that money to the IRS to satisfy this requirement. But what if the amount withheld from your pay isn’t quite right? If too much tax is withheld, you’ll get a refund when you file your tax return.
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1 week ago |
wealthup.com | Rocky Mengle
Not everyone retires in their 50s or 60s. Millions of Americans in their 70s or older are still working. Some remain in the workforce for financial reasons, while others just want to stay active and connected to their coworkers. If you’re working in your 70s, you might be wondering if you still have to take required minimum distributions (RMDs). These are basically forced withdrawals from your retirement savings accounts.
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1 week ago |
wealthup.com | Rocky Mengle
Wondering whether you’ll need to pay taxes on your Social Security benefits is a very common concern for many seniors and individuals nearing retirement. The answer, though, is not so straightforward, as your own personal financial circumstance will largely dictate the answer. The good news is that, generally speaking, retirees who rely solely on Social Security for their retirement income needs often don’t have to concern themselves about federal taxes on these benefits.
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2 weeks ago |
wealthup.com | Rocky Mengle
Here’s some good news for workers who are using a 401(k) plan to save for retirement: You can stuff more in your account next year than you can this year. That’s because the cap on how much you can put in a 401(k) plan is adjusted each year to account for inflation, and that’s pushing up the 401(k) contribution limits for 2025. That helps employees who can max out a 401(k) account each year. They can put an extra $500 into their account in 2025.
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