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Tag Archives: Retirement
Retirement and Taxes: The Basics of IRAs
Individual Retirement Arrangements (IRAs) provide tax incentives for people to make investments that can provide financial security for their retirement. These can be set up with a bank, life insurance company, mutual fund, or stockbroker. What you should know: Contribution: … Continue reading
Pension Plans are Going Broke
The Washington Examiner has estimated that 114 multi-employer pension plans, involving 1.3 million people, are underfunded. This means that the amount of money in the pension plan is less than the amount that the plan should have. If you are … Continue reading
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IRS Relaxes IRA Transfer Rules
The IRS has recently relaxed a long-time rule punishing people who do not correctly transfer money from one retirement account to another within sixty (60) days of pulling out the money. Now, the IRS offers some exceptions to this sixty … Continue reading
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Tagged Attorney, Down Town Lees Summit, IRA, IRS, Law Office of Camron Hoorfar, Lawyer, LOCH, Retirement, taxes, We Can Help
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IRS Announces New Limitations for Retirement Plans
The annual limit a person can contribute to an individual retirement account (IRA) is $5,500 per year. The elective contribution limit for employees who have a 401(k) plan, 403(b) plan, 457 plan, or federal thrift savings plan is $18,000 per … Continue reading
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Rollovers
A rollover is when a person withdraws or takes money out of one retirement account and moves it to another retirement account. If done correctly, then the transfer of money from one account into another is not taxable. One requirement … Continue reading
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Tagged Attorney, Law Office of Camron Hoorfar, Lawyer, Lees Summit, LOCH, Retirement, Rollovers, Tax, Tax tips
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Small Business Retirement Plan Penalty
If you are a small business with a retirement plan, here are a few tips you should check out: Plan administrators and sponsors who fail to file the required forms can face up to $15,000 in penalties per return. There … Continue reading
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Tagged Attorney, Law Office of Camron Hoorfar, Lees Summit, LOCH, Retirement, Retirement plan, Small Business, Tax Penalty, Tax Tip, We Can Help
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Required Retirement Plan Distributions
For anyone who is age 70.5 or older with an IRA, retirement plan, or a Roth IRA, you are required to take a required minimum distribution. A required minimum distribution is a required withdrawal of your retirement account. If you … Continue reading
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Tagged Attorney, IRA, Law Office, Law Office of Camron Hoorfar, Lawyer, Lees Summit, LOCH, Minimum Distributions, Retirement, Retirement plan, Tax
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Retiring your Retirement
Here are a few facts (according to Money.com) about retirement accounts. How do you stack up? The average retirement account balance for men is $121,000. The average for women is $78,000. The average contribution to a 401(k) account is $9,600. … Continue reading
401(k) Contributions in Bankruptcy
If you are in a Chapter 13 bankruptcy or thinking of filing a Chapter 13 bankruptcy and have a 401(k), you may have an issue continuing to contribute to your 401(k) after filing. If you need legal assistance, contact our … Continue reading
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Tagged 401K, Bankruptcy, Camron Hoorfar, Chapter 13, Hoorfar Law, Law Office of Camron Hoorfar, Legal Assistance, Retirement
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Divorce and Railroad Pensions
Railroad pensions are treated partly as Social Security and partly as a private pension under the Federal Railroad Retirement Act. The portion that is treated as a private pension is subject to division in a divorce and is treated as … Continue reading
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Tagged Camron Hoorfar, Hoorfar Law, Law Office of Camron Hoorfar, Pension, Railroad, Retirement, Social Security
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