David Rae, Contributor
Personal Finance
Apr 18, 2019
You have two main options after inheriting a retirement account. Withdraw all of the money and receive a whopping tax bill, or move the inherited 401(k) or IRA into a Beneficiary IRA (aka Inherited IRA) and defer taxes until you make withdrawals. More>>
By Frank Messina, DBA, CPA, Bruce P. Ely, JD, LLM, Lisa-Ann Polack, PhD, CP and Marena Messina, CPA
February 2019
Classifying a worker as an employee or an independent contractor has a significant effect on the cost of employing that individual. ...More>
You may notice that your tax preparer is asking you a lot of additional questions this year. Why is that?
Click on our Newsletters tab and select Tax Insight for the January issue to see why.
Social Security
Cost of Living Increase
2.8%
FICA Wage Limit:
$132,900
Earnings Limit if drawing before age 66
$ 17,640
2019 IRA
Traditional & Roth IRA Limit
$ 6,000
Over age 49 catch up
$ 1,000
2019 SEP
Maximum Contribution
$ 56,000
Over age 49 catch up
$ 0
2019 SIMPLE
Maximum deferral
$ 13,000
Over age 49 catch up
$ 3,000
2019 401-K/403-B/457
Maximum deferral
$ 19,000
Over age 49 catch up
$ 6,000
Maximum contribution all sources
$ 56,000 (plus catch up)
2019 Defined Benefit Plan Limit
$225,000