18 Senior Tax Breaks You Don’t Want to Miss

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ROLL OVER THE MONEY

Money invested in a 401(k) with a former employer can be rolled over to an IRA, which has several benefits, such as increasing your investment options. However, if the employer cuts a check to you, rather than to the IRA, that counts as income and will be taxed, and the employer will be required to withhold 20 percent for taxes.

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