The SECURE Act created an excise tax exception for qualified birth or adoption distributions—a way for your clients, beginning in 2020, to reduce some of the financial burden that comes with the birth or adoption of a child. Here’s what you need to know.
Read MoreWith the changes made to beneficiary options by the SECURE Act, how are payments for successor beneficiaries determined when the original IRA owner died before 2020, versus in 2020 or after? How does the type of beneficiary affect the distribution options?
Read MoreThe IRS has released proposed regulations to align its guidance with the statutory rules for providing more time for plan participants to roll over certain types of plan loan offsets.
Read MoreLong-awaited guidance from the IRS grants relief for those who took distributions that were intended to be 2020 RMDs—before the 2020 RMD waiver was granted—and requires IRA trustees and custodians to notify IRA owners that no RMD is due for 2020.
Read MoreThe Congressional Research Service recently updated a previous report that it published on the solvency of the Social Security system. This data provides food for thought and takes the discussion out of the realm of speculation and hearsay.
Read MoreThe IRS announced an extension of time to complete certain time-sensitive, tax-related acts for victims of severe storms in Michigan and an earthquake in Utah.
Read MoreIRS Notice 2020-51 provides much-needed additional guidance—and some welcome relief—pertaining to the 2020 RMD waiver. It seems to answer some of the outstanding questions about the waiver that the CARES Act did not.
Read MoreThe DOL recently issued investment advice guidance to replace the guidance struck down in 2018 by the United States Court of Appeals for the Fifth Circuit. This latest guidance package includes a proposed prohibited transaction class exemption and a technical amendment to DOL Regulations 2509 and 2510.
Read MoreThese days, IRA owners may be noticing a drop in their IRA balances. While discouraging, it might be an opportunity to convert to a Roth IRA. Be sure that you—and your clients—understand how a conversion works.
Read MoreIRS Notice 2020-50 provides greater clarity of the CARES Act provisions pertaining to coronavirus-related distributions and plan loan relief.
Read MoreYour organization is likely still receiving 2019 IRA or retirement plan contributions. Maybe you are even fielding questions about the deadline. Be sure that your clients are aware of the deadline extension—that they still have time to make contributions.
Read MoreIRS Notice 2020-35 provides more deadline relief in response to the COVID-19 pandemic. Most awaited was an extension for providing the Form 5498-series information returns for IRAs, HSAs, MSAs, and Coverdell ESAs.
Read MoreThe CARES Act grants tax-favored access to savings and provides a pathway to replenishing them later with coronavirus-related distributions.
Read MoreAre 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?
Read MoreEarlier 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.
Read MoreFind 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.
Read MoreThe 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.
Read MoreDo 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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