The SECURE Act as passed at the end of 2019 pushes back the beginning date for required minimum distributions (RMDs). It also replaces the life-expectancy distribution period for non-spouse designated beneficiaries with a 10-year distribution period.
Planning for retirement is a primary consideration for individuals.
The 199A deduction is one of the most complex parts of the 2017 Tax Cuts and Jobs Act. A couple of its features can have a big impact on retirement planning, and can allow taxpayers to deduct up to 20% of their qualified business income (QBI).
Historically, taxpayers had to submit a private letter ruling request for a waiver if they missed the 60-day rollover deadline for IRAs or retirement plans, but today taxpayers can take the easier route of self-certification that they qualify for a hardship waiver.
Seniors who turned 70½ last year must start receiving retirement plan payments by April 1 The Internal Revenue Service reminds taxpayers that, in most cases, Monday, April 1, 2019, is the date by which persons who turned age 70½ during 2018 must begin receiving payments from Individual Retirement Accounts (IRAs) and workplace retirement plans.
In November 2018, the IRS announced an increase in the dollar threshold for determining who is a highly compensated employee which will affect 401(k) plan’s nondiscrimination testing.
When investing for retirement or other long-term goals, people usually prefer tax-advantaged accounts, such as IRAs, 401(k)s or 403(b)s. Certain assets are well suited to these accounts, but it may make more sense to hold other investments in traditional taxable accounts.
If you’re currently taking care of your children and elderly parents, count yourself among those in the “Sandwich Generation.” Although it may be personally gratifying to help your parents, it can be a financial burden and affect your own estate plan. Here are some critical steps to take to better manage the situation.
Individual Retirement Arrangements – better known simply as IRAs – are accounts into which someone can deposit money to provide financial security when they retire.
With tax reform bringing major changes for the year ahead, the Internal Revenue Service today urged retirees to make sure they are paying in enough tax during the year by using the Withholding Calculator, available on IRS.gov.
For some people, Roth IRAs can offer income and estate tax benefits that are preferable to those offered by traditional IRAs. However, it’s important to take note of just what the distinctive features of a Roth IRA are before making the choice.