Site search

There are three new provisions in the recently enacted SECURE Act designed to promote annuities in company savings plans. That explains why insurance companies lobbied so hard for passage of the legislation. The three provisions are: New protection for plan sponsors who want to start offering annuities. New options for participants to keep their plan annuity investments if the plan stops offering annuities. A new requirement that benefit statements show annuity illustrations. Today, we’ll discuss the first of these three changes. A future Slott Report will tackle the other two.

Individual left Traditional IRA to Estate. Died after RMD had begun. Can the Estate receive funds and rollover to another...

I understand the IRS ruling that does not allow one to buy an identical stock in an IRA account after...

Fact Pattern: I am 71 as of 1-1-2020. 2020 $1,000 Deductible IRA Contribution. I had more than $1,000 of earned...

The SECURE Act is here! Most of new law’s provisions kicked in on January 1, 2020, overhauling many of the rules for retirement accounts that have been with us for decades. One significant change the SECURE Act brings us is the delay in the age at which RMDs must start from 70 ½ to 72. This new rule has raised questions as to how those who reached age 70 ½ in 2019 are affected. Some had already taken 2019 RMDs. Others were waiting to take their first RMD until closer to their required beginning date of April 1, 2020. What happens now to those who reached 70 ½ in 2019? Do they still need to take an RMD for 2019? Can they then stop RMDs until they reach age 72? Would they have a new required beginning date?

What are the new rules on distribution of leftover ira after the death of the benefitiary of the ira account?...

Can someone defer RMDs past 72 if they are still working and making contributions to an IRA under the new...

Does anyone know what the penalties will be as a result of the Secure Act on a person who is...

With the SECURE act now “securely” in place, the ability for a non spouse beneficiary to stretch an inherited IRA...

Question: With the SECURE Act, can a person who is older than 70 ½ fund a 2019 Traditional IRA? The SECURE Act goes live on 1/1/2020, and an IRA can be funded up to 4/15/2020 for the previous year. Any reason they cannot? Answer: Unfortunately, the answer is no. The new rule eliminating the age limit for traditional IRA contributions is effective January 1, 2020. Prior year contributions for 2019 would be subject to the old rules, including the age limit. The bad news is that a 2019 contribution would not be allowed. The good news is that for 2020 and later years, the age limit is gone.