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Latest news:

Sept 1 , 2006:
The Pension Protection Act of 2006 allows people 70 1/2 and older to give up to $100,000 from their IRA to charity in 2006 and 2007 and not pay taxes on it.

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January 1, 2007:
The annual gift tax exclusion to any person remains at $12,000 for 2007.

401(k) Plans

 

Roth 401(k) Plans: Could You Benefit?

Roth 401(k) plans were legislated into existence by the Economic Growth and Tax Relief Reconciliation Act of 2001. However, they were not set to begin until 1/1/2006 and were given a life span which lasted only through 2010.

The Pension Protection Act of 2006 permanently extended the use of Roth 401(k) plans. Now it becomes more important to understand the advantages and disadvantages of these plans.
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