The coronavirus stimulus package, known as the CARES Act, allows retirees who are 72 or older to skip required minimum distributions from IRAs and other tax-deferred accounts for 2020.Here are answers to questions about the waiver.
The Trump administration on Wednesday announced new guidance pertaining to defined contribution plans – like 401(k) accounts – and what investments the funds are able to access.
Retirement savers will now have access to private equity investments through defined contribution plans, the Department of Labor said in an information letter.
Between the Secure Act and the Cares Act, retirement savers and retirees are grappling with a number of changes designed to enhance the durability of savings as well as emergency provisions meant to ease coronavirus-related hardships.
Stimulus payments, relaxed rules for tapping into retirement accounts and other coronavirus-relief measures are helping to keep millions of Americans afloat financially, but they could bring tax surprises, including unpleasant ones, down the road.
Here's a quick look at some of the tax red flags to beware — ramifications that could affect how much money you owe or receive in a refund and possibly affect Social Security or other benefits.
IRA expert Ed Slott, president of Ed Slott and Co., stressed that the COVID-19 pandemic “shouldn’t be down time” for advisors: “This is the time you want to strengthen your relationships.”
In particular, he said, many clients need your help understanding the federal government’s COVID-19 relief initiatives, including breaks on required minimum distributions from retirement accounts.
U.S.Treasury Secretary Steven Mnuchin has backed a recent, controversial IRS ruling that expenses paid for with the forgivable Paycheck Protection Program loans are not tax-deductible.
Mnuchin told FOX Business’ Maria Bartiromo this week that he has reviewed the issue personally and that the guidance is correct, saying it’s “basically tax 101.”
“The money coming in the PPP is not taxable,” Mnuchin said
Taxpayers and lawmakers are not happy with a newly released policy regarding the Paycheck Protection Program, which some argue diminishes the value of the loans for recipients.
The IRS issued guidance late Thursday preventing business owners who have their PPP loans forgiven from claiming tax breaks on otherwise deductible expenses if they were paid for using the government aid.
The loans are tax-exempt, so the guidance was based on existing law, which generally aims to prevent people from receiving a “double tax benefit.”
The coronavirus pandemic is wreaking havoc on the U.S.economy, with 26 million workers newly unemployed and plenty more people jolted by declines in their retirement and brokerage accounts.
Americans at all economic levels are looking to free up cash
Sen.Ben Cardin, D-Md., signaled Thursday that the next round of coronavirus stimulus could likely include required minimum distribution relief.
During an early Thursday afternoon webcast held by the American Council for Capital Formation, Cardin was questioned on measures lawmakers could take to deal with the massive withdrawals from retirement accounts taking place now.
It’s a confusing year for charitably minded seniors with traditional individual retirement accounts—and a good one to reconsider giving strategies.
Recent law changes are responsible.Late in 2019, Congress raised the age at which most savers are required to start taking money from their IRAs to age 72 from age 70½
