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Divorce or legal separation creates many questions. Among the most important financial considerations for couples with children is who'll be eligible for potentially valuable child-related federal income tax breaks. Claiming the Child The Internal Revenue Code includes rules for determining when a divorced or legally separated parent is the "custodial" parent and can treat a child as his or her qualifying child for federal tax purposes, potentially making that parent eligible

Catch-up contributions have long been a way for taxpayers to put more dollars into their retirement accounts as they get older. But the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act, enacted in 2022, included a major change to the catch-up contribution rules for higher-income taxpayers — and employers that sponsor qualified retirement plans. It requires higher-income taxpayers to make catch-up contributions to qualified plans as after-tax Roth contrib

Social Security is still taxable , but many seniors mistakenly believe otherwise. This confusion stems from a temporary tax deduction ...