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Last Friday afternoon (August 25, 2023), the IRS gave employer plans two more years to comply with the controversial SECURE 2.0 rule requiring “catch-up contributions” for high-paid employees to be made on a Roth basis. The effective date of the rule was postponed from January 1, 2024 to January 1, 2026. The delay is set forth in IRS Notice 2023-62.
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QUESTION:
Hello! I recently came across one of your articles and decided to reach out to you in hopes of getting some clarification re: the Secure Act 2.0 and distributions as a qualified public safety employee. In a nutshell, I am a 17-year career firefighter for a county government. With the new Secure Act 2.0, it seems as though I can take distributions after 25 years of service, OR age 50, whichever comes first, without penalty. If this is true, would I be eligible to begin taking distributions at age 47, without penalty?
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We are often asked how the Roth IRA 5-year rule works. This is a borderline trick question because there is not one 5-year rule for Roth IRA distributions. There are actually two different 5-year rules. So, to avoid confusion, let’s talk separately about each 5-year rule.
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Husband died in May 2023, after his RBD, but before he took his 2023 RMD. Had an IRA at Chase...
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Hi, I am 59 years old and I currently have both a Traditional IRA and a ROTH IRA account. I...
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My sister died in 2020 at age 61.She had a Roth IRA and 401K ,converted to an IRA after her...
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When an IRA or retirement plan owner reaches a particular age, that account owner typically must begin taking required minimum distributions (RMDs.) The RMD is calculated based on the year-end account balance divided by a life expectancy factor. Of course, there is a parade of variables to consider, including:
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Married person age 72 in 2023 is thinking to convert a $100,000 as of 12/31/22, traditional IRA to a Roth...
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I had an Employer 401k account which contained $49,465 in after tax contributions. As long as the funds were in...
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I received a tax free direct rollover from a lump sum pension distribution to my personal IRA this year when...
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