J.K. Lasser's 1001 Deductions and Tax Breaks 2023, 3rd Edition

CHAPTER 5Retirement Savings

• Traditional IRAs

  Roth IRAs

  Roth IRA Conversions

  IRA Rollovers

  401(k) and Similar Plans

  Self‐Employed Retirement Plans

  SEPs

  SIMPLEs

  Retirement Saver's Credit

  Custodial/Trustee Fees

  Employer‐Paid Retirement Planning Advice

  Charitable Transfers of IRA Distributions

  Qualified Longevity Annuity Contracts

  Hardship Distributions from Retirement Plans

  Special Rules for COVID‐19 and Disasters

Alert

At the time this book was published, Congress was considering tax changes that could affect 2022 tax returns and planning for 2023. Check the online Supplement in February 2023 at www.jklasser.com or www.BigIdeasForSmallBusiness.com to see what changes have been enacted and when they become effective.

Your Social Security benefits alone, or even retirement benefits derived from employer contributions to retirement plans on your behalf, won't provide you with the financial security you want for your retirement years. You need to save so that you'll have the assets to generate income after you stop working. Fortunately, the tax law provides important incentives to encourage your personal savings in special retirement accounts. You may be able to write off your savings (contributions) as well as qualify for special treatment when you start drawing from these savings.

There are many different types of retirement plans that you may be able to use to save for your future. Contributions are subject to limits; if your income is high enough, it may bar ...