The Tax Cuts and Jobs Act would make several changes. For example, it retains the mortgage interest deduction (subject to a $1 million cap) for mortgages that already exist on Nov. 2, 2017, as well as for those who entered into a binding written contract before that date. However, for newly purchased homes, the deduction […]
With the U.S. divorce rate in the 40% to 50% range, your retirement plan is likely to receive a domestic relations order. These orders entitle an “alternate payee” to a portion of a participant’s retirement benefits. But it’s up to you, the plan sponsor or administrator, to determine whether the order is qualified making […]
The IRS has announced that employer-sponsored retirement plans can make loans and hardship distributions to victims (and members of their families) of Hurricane Maria and the California wildfires. In addition, even though IRA participants are barred from taking out loans, they may be eligible to receive distributions under liberalized procedures. Note that the IRS isn’t […]
Many investors, especially more risk-averse ones, hold much of their portfolios in “income investments” — those that pay interest or dividends, with less emphasis on growth in value. But all income investments aren’t alike when it comes to taxes. So it’s important to be aware of the different tax treatments when managing your income investments. […]
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