Congress has come up with what some are calling SECURE 2.0, or Son of SECURE — a bill entitled Securing a Stronger Retirement Act that includes many positive changes to encourage retirement savings. However, one seemingly pointless proposal in the legislation would raise the required minimum distribution age from 72 to 75 over 10 years.Most advisers might argue that consumers will probably love this
Far and away, the most frequent questions that pop into the HerMoney Mailbag are on the topic of retirement: Planning for retirement.Managing our money in retirement
The extended tax-filing deadline gives many Americans extra time to contribute to certain investment accounts for 2020.
The IRS in March moved the due date for individual returns to May 17 from April 15 due to the coronavirus pandemic.It also confirmed in March that moving the filing deadline also pushed back the last day to contribute to individual retirement accounts and Roth IRAs for the 2020 tax year.
On the eve of this year’s Kentucky Derby, the first of three races a horse must win to grab racing’s Triple Crown, the Biden tax proposals are underscoring the triple crown of tax advantages provided by Roth conversions.
The May 17 deadline for filing 2020 taxes is swiftly approaching.
If you haven’t filed your taxes yet, it’s time to start.
As many as 33% of Americans procrastinate doing their taxes and wait until the last minute, according to a recent survey by IPX 1031.The reasons taxpayers put it off vary — 40% say filing is too time-consuming, 22% said it’s too stressful and another 22% want to make sure they’re filing correctly.
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
The term “self-directed IRA” can be confusing, given that account owners choose whichever stock or mutual fund they want to buy within their IRA, and how much to purchase and how much to sell.
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.
