With the Affordable Care Act well into establishment, taxpayers have taken an interest in learning about how the Act affects their annual tax return. The Internal Revenue Service (IRS) understands that the abundance of information available to taxpayers online can be overwhelming. To aid taxpayers in finding accurate information on the Act as well as on health care coverage, the IRS issued Publication 5093. Publication 5093 is a simple list of Online Affordable Care Act Resources for use by both individual and business entities alike.
The U.S. Treasury Department recently announced that individuals are now allowed to invest a portion of their 401(k)s or IRAs into a longevity annuity. A longevity annuity, a type of deferred income annuity, provides a steady flow of income to an individual once they reach a certain age and continue to receive income for as long as they live. The longer you defer receiving the payments, the higher the payment amounts you will begin collecting. With healthcare costs rising, especially at an older age, investing in a longevity annuity can be another alternative for retirees to pay for long-term care.
The new Treasury rules also make investing in longevity annuities more appealing to individuals by exempting the purchase of the annuities from the required […]