Beneficiary options have become more complex in light of recent guidance, including SECURE Act changes, proposed RMD regulations, and Notice 2022-53. This article may help address some questions that your clients may have.
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The IRS issued Notice 2022-45, which extends the deadline for amendments to retirement plans and individual retirement arrangements (IRAs) to adopt some provisions relating to distributions and loans under the CARES Act.
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The Social Security Administration has announced the 2023 adjustments for benefits and certain other limitations that are subject to annual cost-of-living adjustment (COLA) indices. One of these includes the Social Security taxable wage base (TWB), which identifies the maximum amount of an individual’s annual earnings that are subject to withholding for Social Security-administered benefits.
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IRA owners have until their federal tax return deadline, plus extensions, to recharacterize a 2021 IRA contribution, so you may be fielding many questions about recharacterizations between now and the October 15 deadline.
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Trusts are used in estate planning for many reasons. IRA owners may establish a trust to reduce estate taxes, to control the way their assets are distributed, and to avoid family conflicts. A trust can also be a way for beneficiaries to avoid the costly probate process.
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Senators Ron Wyden (D-OR) and Mike Crapo (R-ID), Senate Finance Committee Chair and Ranking Member, have introduced S.4808, the Enhancing American Retirement Now (EARN) Act.
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The IRS has provided additional guidance related to federal income tax withholding requirements for retirement plan and IRA payments.
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The IRS has announced the postponement of certain tax-related deadlines for victims of a water crisis in Mississippi.
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Was your dinner delivered to your front door last night or have you gotten a lift to the airport lately by using one of several app-based companies, such as Uber or Lyft? If so, welcome to the gig economy, where “side hustles” are no longer relegated to the sidelines but can be a way of life for many workers.
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Helping clients determine distribution options after a loved one dies may seem overwhelming, but there are a few simple questions that can guide you to the appropriate options if the individual had assets in an individual retirement arrangement (IRA) or an employer-sponsored retirement plan, such as a 401(k) plan or 403(b) plan.
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There is no age restriction for contributing to a Traditional or Roth IRA. The primary eligibility requirement is that a person must have eligible compensation.
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The IRS issued Notice 2022-33, which extends the deadline for amendments to retirement plans and Individual Retirement Arrangements (IRAs) to adopt provisions enacted under the SECURE Act, the Miners Act, and some provisions under the CARES Act.
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The past few years have been a roller coaster ride for many retirement savers. After performing well for several years, the broader investment markets have been hit hard since the beginning of 2022. Now the price of gas, food, housing, and other goods and services continue to rise, and for many of us, something needs to give.
But that “something” shouldn’t be your retirement savings.
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IRA owners sometimes contribute more than they are permitted. Or they may contribute only to later discover that they cannot deduct the contribution. And sometimes they simply want to take the contribution out for some other reason. Whatever the situation, IRA owners—and financial organizations—must follow detailed rules for excess removals.
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When spouse beneficiaries come in to settle their inherited retirement accounts, you and your staff may want to share with them how the proposed RMD regulations could affect their financial decisions.
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There are fundamental differences between correcting SEP and SIMPLE plan excesses, which are generally created by employer contributions, and correcting Traditional and Roth IRA excesses, which are created by the account owner.
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Over the next several months, we will be featuring stories in The Link newsletter on the pandemic’s impact on retirement readiness. This series is not for us to look behind us at what we may have lost; instead, it’s meant to help us look ahead. We want to support our business partners as we all navigate the continued impact of this pandemic. We want to continue to encourage and promote a healthy approach to retirement, health, and emergency savings for all ages, from the retiring Baby Boomer generation to the teenage Gen Z.
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If your clients took CRDs in 2020, they still have time to make repayments to their qualified retirement plan or eligible IRA. Because a relatively small number of qualified individuals took CRDs in 2020 you may handle few CRD repayments, but their proper reporting is no less important for their infrequency.
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