Moving and Retirement
The Alabama Supreme Court’s Decision on Embryonic Personhood; KFF Health News’ Weekly Health Policy News Podcast, “What the Health?”
"Questions about President Joe Biden’s cognitive health are drawing attention to ageism in politics — as well as in American life, with fewer people taking precautions against the covid-19 virus even as it remains a serious threat to vulnerable people, especially the elderly. The mental fitness of the nation’s leaders is a valid, relevant question for many voters, though the questions are also fueled by frustration with a political system in which many offices are held by older people who have been around a long time." "The Alabama Supreme Court’s groundbreaking ruling last week that frozen embryos have legal rights as people has touched off a national debate about the potential fallout of the “personhood” movement. Already the University of Alabama-Birmingham has paused its in vitro fertilization program while it determines the ongoing legality of a process that has become increasingly common for those wishing to start a family." more »
2024 Tax Filing Season Set for January 29; IRS Continues to Make Improvements to Help Taxpayers
Here you'll find items of current interest — new programs, recent guidance or timely reminders.Tax Updates and News From the IRS: Taxpayers face a number of issues due to critical tax law changes that took place in 2022 and ongoing challenges related to the pandemic. The IRS announced a major policy change that will end unannounced visits to taxpayers by agency revenue officers to reduce public confusion and increase overall safety. The change reverses a decades-long practice by IRS Revenue Officers, the unarmed agency employees whose duties included visiting households and businesses to collect unpaid taxes. Effective immediately, the unscheduled visits will end except in a few unique circumstances. more »
Board of Governors of the Federal Reserve System Question: Design and the Gender Gap in Financial Literacy
"Results from the 2021 SHED show substantial gender differences in the responses to the financial literacy questions, consistent with prior studies. We first present results for the half of respondents who received an explicit "don't know" answer choice. A smaller share of women answered each financial literacy question correctly. While women and men were similarly likely to select an incorrect answer, women were much more likely to select "don't know." For example, 63 percent of women selected "don't know" for the diversification question – 20 percentage points higher than the share of men who did so." more »
IRS Reminds Those Aged 73 and Older to Make Required Withdrawals From IRAs and Retirement Plans by Dec. 31
Required minimum distributions, or RMDs, are amounts that many retirement plan and IRA account owners must withdraw each year. RMDs are taxable income and may be subject to penalties if not timely taken. For individuals born before 1951, RMDs from IRAs and retirement plans should, for the most part, already have begun and are required for 2023. New for 2023: The Secure 2.0 Act raised the age that account owners must begin taking RMDs. For 2023, the age at which account owners must start taking required minimum distributions goes up from age 72 to age 73, so individuals born in 1951 must receive their first required minimum distribution by April 1, 2025. more »