AARP

Read More

Q: Early last year I took my 2020 required minimum distribution (RMD) from my IRA, but later in the year the tax law waived RMDs, so I returned the funds.By doing this, I thought this was all taken care of, meaning that I thought I was “zeroed” out with no tax due.

But now it's tax time, and I have two issues I'd like help on.

Q: I'm 62, single, no children, self-employed.I'm slowly recuperating from COVID, although I'm a long way from recovered.

I have a Roth IRA and a rollover IRA

Last month, I outlined how the CARES Act would affect required minimum distributions (RMDs) from retirement plans.But with complex legislation, new questions always arise

Every month, IRA expert Ed Slott is taking your questions about Individual Retirement Accounts.One is about a potential tax benefit for some retirees included in the "Coronavirus Aid, Relief, and Economic Security Act,” or CARES Act.

What the new rules say about paying taxes on inherited funds

Starting this month, IRA expert Ed Slott is taking your questions about Individual Retirement Accounts.He starts by addressing what to do about new rules in the 2020 SECURE Act that  affect most beneficiaries who inherit tax-deferred funds starting this year.

Make a direct transfer from the institution holding one account to the company where the money is going, says IRA expert Ed Slott.Ask the firm on the receiving end for help; any checks should not be made out directly to you