The CARES Act grants tax-favored access to savings and provides a pathway to replenishing them later with coronavirus-related distributions.
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Are there any drawbacks to a spouse beneficiary under age 59½ treating an inherited IRA as her own? Can an IRA beneficiary with an IRA distribution check payable to him establish an inherited IRA? What do we do after mistakenly rolling over inherited 401(k) assets to a nonspouse beneficiary’s IRA?
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Earlier this month, the IRS issued guidance in question-and-answer format on the special IRA and retirement plan relief granted in the CARES Act. The guidance summarizes the special relief to IRA owners and retirement plan participants and, in some cases, provides new and clarifying information.
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Find out how the 2020 RMD waiver applies to IRAs and defined contribution plans, pertaining to both account owners and beneficiaries—and how the rollover rules may be affected.
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The end of May is normally when the previous year’s IRS Form 5498 is due. But for 2019, the deadline has been moved to July 15. Here’s a run-down of what exactly needs to be entered in each box.
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Do all nonspouse beneficiaries have to use the 10-year rule? Are there benefits to the 10-year rule? Are there any special distinctions about the 10-year rule to be aware of?
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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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