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I am looking for further clarification on one of the eligible designated beneficiary exceptions to the 10 year rule. If...

Can a person over age 70 1/2 but not yet age 72 (RMD age) make a qualified charitable contribution and...

Female client has State of Florida FRS retirement plan. She actually received this as a beneficiary of her ex-husband. She...

Question: Hi Ed, Question on the new SECURE Act: Do you know if there were any changes to the payout period if an estate is the beneficiary of an IRA. Is it still a 5-year payout? Or is it now 10? Thanks, appreciate your help. Janet Answer: Dear Janet, The SECURE Act made lots of changes to the IRA rules. But one change it did not make is to the payout rules when the estate -- or any other non-individual (except for certain trusts) – is the IRA beneficiary. As was the case before the SECURE Act, the required distribution depends on whether the owner dies before the owner’s “required beginning date.” That date is April 1 of the year after the year in which the owner attains age 72. If the owner dies before the required beginning date, the entire account must be paid out by December 31 of the fifth year following death. If the owner dies on or after that date, annual required distributions must be made over the remaining life expectancy of the owner (had he lived) under the IRS Single Life Expectancy Table.

Hello- My aunt recently passed away in 2020 and left a number of IRA accounts with a beneficiary as her...

Part-time employees in companies with 401(k) plans won a big victory when the SECURE Act was signed into law on December 20, 2019. Before the SECURE Act, 401(k) plans could exclude employees if they did not work at least 1,000 hours of service in a 12-month period or were under age 21. These rules have prevented many long-term part-time employees from the chance to save in 401(k) plans. The SECURE Act provides relief beginning with the first plan year after December 31, 2020 (for most plans, January 1, 2021). Any employee who has worked at least 500 hours in three consecutive years and is age 21 or older by the end of the three-year period must be allowed to start making elective deferrals. However, years beginning before January 1, 2021 do not have to be counted for purposes of meeting the three-consecutive-year rule.

Have a client that turns 70 1/2 on 05/08/2020. Does she have to take an RMD this year? If not,...

Have a client that turns 70 1/2 on 05/08/2020. Does she have to take an RMD this year? If not,...

Article by By Sarah Brenner, JD IRA Analyst “How the SECURE Act Impacts Successor Beneficiaries” is very nice. Earlier Alan...

My mother passed away in November, 2019 and left myself and my 2 brothers with 4 retirement accounts, for which...