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MWE Advisor November Highlights

November highlights from The MWE Advisor newsletter include: what you need to know about the House Bill and Senate Proposal for tax reform to prepare for year-end tax planning, and understanding the rules for repayment before borrowing money from your retirement plan.


Keep Tax Reform Proposals in Mind When Making Last-Minute Year-End Moves

Many people are struggling with tax planning this year-end. While the fate of congressional tax reform legislation remains uncertain, you and your family can still make some last-minute tax-saving moves before December 31. Here are five ideas, along with some of the tax reform proposals being discussed in Congress that could influence your planning options.
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Defaulting on Retirement Plan Loans Causes Taxable Distributions

Before borrowing money from your retirement plan, it’s important to learn the rules for repayment. Otherwise, you could have a deemed taxable distribution and owe income tax plus a 10% early distribution penalty if you’re under age 59-1/2. Here’s the story of two taxpayers who fell into this trap, along with some relief provisions for individuals who take out retirement plan loans to help recover from recent disasters.
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