In response to the coronavirus pandemic, the IRS has extended several time-sensitive, tax-related deadlines. IRS Notices 2020-17, 2020-18, and 2020-23 address specific actions that a taxpayer or entity has until July 15, 2020, to complete.
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The CARES Act, signed into law March 27, is designed to assist the millions of Americans affected by the coronavirus (COVID-19) outbreak. The legislation has multiple provisions that affect retirement and health savings arrangements.
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What is the new 10-year rule for beneficiary distributions? Who is subject to the 10-year rule? Is the required beginning date still important? Are the options different for an estate?
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One of the most significant changes affecting IRAs as a result of the SECURE Act is the repeal of the age limit on Traditional IRA contributions. Effective for 2020 and later taxable years, individuals of any age can make Traditional IRA contributions, if they have eligible compensation.
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In response to storms in Tennessee, the IRS is allowing an extension of time for affected residents to complete certain time-sensitive tax-related acts.
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The age when required minimum distributions must begin increased from 70½ to 72, starting in 2020. Find out who is affected by the change—and what it means for IRAs versus employer-sponsored retirement plans.
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When does the five-year waiting period start for purposes of a Roth IRA qualified distribution? If a Roth IRA owner has multiple Roth IRAs, does each account have its own five-year period? What happens to the five-year period when a Roth IRA owner dies?
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The IRS issued its semi-annual update to the agency’s 2019-2020 Priority Guidance Plan. A number of the guidance items deal with retirement savings arrangements.
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The enactment of the SECURE Act provisions just 11 days before the start of 2020 has most financial organizations and other industry partners in a whirlwind trying to comply with the requirements as soon as possible. Here’s a brief overview of some of the changes affecting IRAs.
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Some provisions of the SECURE Act took effect mere days after enactment—on January 1, 2020—making implementation difficult. Industry groups have requested that the IRS expedite guidance on the most pressing questions. Here’s the guidance that we have so far: some is explicit and some we can glean through draft instructions for required tax reporting.
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In response to the timing of the enactment of the SECURE Act/FCAA , the IRS issued Notice 2020-6, granting IRA trustees, custodians, and issuers some relief when it comes to 2019 Form 5498 reporting for required minimum distributions.
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On average, your clients who are women earn less and have fewer years with earned income compared to men. They are less likely to set aside money in an IRA or contribute to an employer-sponsored retirement plan. But for those clients without their own income who are married, making “spousal contributions” to an IRA may help them save for retirement.
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What is UBTI? What types of income are exempt from UBTI? Who is responsible for determining whether an IRA has incurred UBTI? How is the UBTI tax filed and paid?
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Understanding the SECURE Act provisions will help you provide the best service possible to your clients. There are certain provisions that will more significantly affect your retirement savings plan business.
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As a trustee or custodian of IRAs, HSAs, or ESAs, your organization must keep track of many deadlines throughout the year. Missing a deadline can be costly. Seeing the big picture of all due dates in one calendar year with a brief description of each may be helpful.
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A Roth IRA offers distinct tax advantages that set it apart within the IRA family. But not everyone is eligible to contribute to a Roth IRA. Learn more about the eligibility requirements.
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Saving enough for retirement is difficult for most Americans. Unfortunately, it can be even more difficult for women. By understanding some of the challenges that many women face when it comes to saving, you can help your women clients who may be lagging behind in retirement preparedness catch up and even pull ahead.
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On December 20, 2019, the President signed into law the Further Consolidated Appropriations Act, 2020, which includes the major retirement savings-related SECURE Act provisions previously passed by the House in April 2019. Many of the provisions will become effective January 1, 2020.
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