Retirement Plan FAQs

Retirement Planning can be tough, there are several factors consider. We thought we’d spend some time and answer some commonly asked questions…

1. I’ve worked hard for my money, how can H&S help me save for retirement?
2. I have never looked at setting up a retirement plan. What are my alternatives?
3. Are there any trip wires to taking retirement plan distributions?
4. I have a small company – how can I afford a large company 401k plan?

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Tax-Break for Charitable IRA Distributions Reinstated – But Act Fast for 2012


You can still make this type of contribution for 2012 as long as you do so before February 1, 2013.

Since 2006, taxpayers at least 70 ½ years of age have been able to make charitable contributions of as much as $100,000, directly from their retirement accounts, without having it affect their adjusted gross income.  There were a number of good tax-saving reasons that people took advantage of this law, but here is the kicker — it was supposed to expire at the end of 2011. Which means there was no reason for anyone to make such a contribution in 2012  – until it was reinstated as part of the American Tax Payer Relief Act in January 2013.

Well, that wouldn’t seem to help anybody, but this new legislation gives us a fleeting chance, here’s why:

  • You can still make this type of contribution for 2012 as long as you do so before February 1, 2013.
  • Also, if you waited until December to take distributions from your IRA, you can donate that money to charity before January 31, 2013 and receive the same treatment.
  • A word to the wise for 2013; you must do it the usual way – by asking the IRA custodian to send the distribution directly to the charity.   

Have additional Questions? Contact H&S Tax Professional Scott Hunt at 231.798.6508.

Scott Hunt
Certified Public Accountant

You May Keep Your Dependent On Your Insurance for 26 Years

Because of changes enacted by the Affordable Health Care Act, health care coverage for an employee’s children, through age 26, is generally tax-free. Employees who are eligible to contribute to cafeteria plans are allowed to make pre-tax contributions to pay for this expanded benefit. The IRS considers a child to be one’s son, daughter, stepchild, adopted child, or eligible foster child.

Additionally, the Affordable Care Act requires that dependents being provided coverage via their parent’s plan be eligible to remain on that plan until they reach age 27.

For more information read, Tax-Free Employer-Provided Coverage Now Available for Children under Age 27