The SECURE Act—officially known as the Setting Every Community Up for Retirement Enhancement Act of 2019—made significant changes to IRA and retirement plan rules, including to the beneficiary payout options. One of the most noteworthy changes involves the 10-year rule, which requires a total distribution of inherited assets by December 31 of the year containing the 10th anniversary of the account owner’s death.
Read MoreThere are differences between how various retirement assets are treated in divorce. Qualified retirement plan assets can be distributed to a former spouse through a document known as a qualified domestic relations order. IRA assets subject to divorce proceedings are paid through a “transfer incident to divorce.”
Read MoreWhat should your clients do if an IRA-to-IRA transfer they’ve done is reported to the IRS? Are clients allowed to do prior-year conversions? Does an IRA-to-IRA rollover after a conversion of those same assets violate the one-per-12-month rule?
Read MoreWhile the latest version of IRS Publication 590-B answered some outstanding questions brought about by the SECURE and CARES Acts, it also sparked some new questions.
Read MoreAre your clients making decisions about their IRAs without a basic knowledge of the IRA rules and possible consequences or opportunities that may result? Here are some IRA questions that they may not think to ask but would want you to answer.
Read MoreHow do transfers and rollovers differ? How are they reported to the IRS? What are the restrictions?
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How can Coverdell ESA assets be moved? Can ESA assets be moved after the child turns age 18? Who is a qualified family member for ESA purposes?
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