Here’s an update to my earlier article on IRS’s interpretation of how the SECURE Act 10-year rule will work for beneficiaries of individual retirement accounts.I am now 100% convinced that the idea of annual required minimum distributions under the 10-year rule was an IRS error that will soon be corrected
Ed Slott is a nationally recognized IRA distribution specialist, professional speaker, television personality, and best-selling author.He is known for his unparalleled ability to turn advanced tax strategies into understandable, actionable, and entertaining advice
Two tax and retirement specialists say a recent IRS publication has thrown IRA inheritance planning into chaos, but that advisors shouldn’t make changes just yet.
Until the release of IRS Publication 590-B (Pub 590-B), retirement and tax experts told advisors that 2019’s SECURE Act required that the entire balance of an inherited IRA be withdrawn by Dec.31 of the 10th year following the original account owner’s death, but that no annual required minimum distributions (RMDs) would be necessary, said Ed Slott, founder of Ed Slott and Co.
In this episode of Human Capital, Ed Slott of Ed Slott & Co.relays important tax advice related to potential changes to the stepped-up basis and estate tax, and also warns that the potential boosting of the required minimum distribution age to 75 is likely “useless,” and that lawmakers may actually be “creating a bigger problem” with such a change.
Congress passed several relief bills to ease the financial burdens on struggling American workers during the pandemic.A provision of The Coronavirus Aid, Relief, and Economic Security Act allowed workers of any age to withdraw up to $100,000 penalty-free from their company-sponsored 401(k) plan or individual retirement account in 2020
Saving money for retirement can be hard, especially if you are behind or cannot save much.For some people retirement is the last thing on their mind
f you’re young and saving for retirement, it’s “not even a question” which type of investment account you should choose, says IRA expert Ed Slott, a certified public accountant and founder of Ed Slott & Company.“You should always invest through a Roth IRA,” he says
The highest-earning New Yorkers are about to be hit with a tax hike.
The New York state Senate and Assembly late Wednesday passed a $212 billion budget proposal after lawmakers reached a deal with Democratic Gov.Andrew Cuomo.
President Joe Biden campaigned on a promise to not raise taxes on middle-class Americans.But a little-known provision in his proposed tax reforms could do just that.
One way the Biden tax plan may try to raise revenue to fund the administration’s $3 trillion infrastructure bill is by changing the way capital gains taxes are administered at death.
Both Roth IRAs and Roth employer plans have been available for many years, and by now most advisers and their clients, are aware of the substantial value of these accounts.Roth accounts can provide years of tax-free earnings and withdrawals.
While retirement savers may be aware of these benefits, many count themselves out too soon by mistakenly believing they are not eligible to contribute.
