As mentioned in IR-2024-217, the IRS has released interim guidance in late August 2024 allowing that employers with retirement plans (401(k) plan, 403(b) plan, governmental 457(b) plan or SIMPLE IRA plan) can provide matching for employees payments to their student loans in plan years beginning Dec 2023. Previously the employer matching was only if the
One of the best advice is to contribute to your private retirement as the contribution is a tax deduction (lower taxable income in your w2) and then, it will be taxed at the distribution time in the case of traditional retirement plans. This is extremely relevant as social security payments are expected to be partial
In the Tax Tip 2021-170 communication, the IRS announced that the 2022 contribution limit for 401(k) plans will increase to $20,500. Traditional IRA income phase-out ranges for 2022 are: $68,000 to $78,000 - Single taxpayers covered by a workplace retirement plan $109,000 to $129,000 - Married couples filing jointly. This applies when the spouse making
