Attention Seniors, You Only Have a Few Weeks Left to Avoid This Major Tax Blunder
With 2024 a mere nine weeks away, now's the time to cross any remaining tasks off your to-do list for this year. The holidays are looming but so are the deadlines to make key retirement moves. For workers, the deadline for this year's 401(k) contributions is Dec. 31, 2023. And for some seniors, that date also marks their last opportunity to avoid a huge tax penalty. Here's what you need to know.
Tax-deferred retirement accounts like traditional IRAs and 401(k)s give you upfront tax savings. Money you put here reduces your taxable income for the year, and you don't pay taxes on your earnings while the money remains in the account. But eventually, you have to give Uncle Sam its cut.
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Source Fool.com
