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.
Read MoreIn 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.
Read MoreIf your organization is a trustee or custodian of both IRAs and HSAs, it’s important to realize that an HSA is treated quite differently from an IRA after the account owner dies. HSA beneficiaries are limited to one outcome, depending on whether they are a spouse or a nonspouse beneficiary.
Read MoreOn 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.
Read MoreWhat 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?
Read MoreWhat does the universal availability requirement in 403(b) plans mean? Does the universal availability rule apply to all organizations? How does the employer satisfy the universal availability requirement?
Read MoreUnderstanding 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.
Read MoreAs 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.
Read MoreA 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.
Read MoreCan an HSA owner who changes to family HDHP coverage mid-year contribute the full HSA family contribution amount for the year? If an HSA owner has family HDHP coverage and she and her spouse each have an HSA, how much can each contribute to their respective HSAs? If a nondependent child under age 26 is still covered by a parent’s HDHP, may that child contribute to his own HSA?
Read MoreSaving 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.
Read MoreWhen can employees withdraw money from a 401(k) plan while they are still working? Are there other ways that employees can take out their elective deferrals before age 59½ as a distribution? Can employees take loans from their 401(k) plans?
Read MoreOn 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.
Read MoreAwaiting both House and Senate approval and signature by the President is the Consolidated Appropriations Act, 2020, which contains provisions to fund government operations for the coming fiscal year and includes SECURE Act provisions affecting retirement and individual savings plans.
Read MoreDrawing on its own retirement plan and consumer-directed healthcare account data, Ascensus offers a unique, comprehensive perspective into how Americans are saving for the future.
Read MoreA Traditional IRA is a tax-advantaged option for many working individuals to grow pretax retirement savings. But not everyone is eligible to contribute to a Traditional IRA. Learn more about the eligibility requirements.
Read MoreHow should an RMD be satisfied for the year of an IRA owner’s death? How should it be reported? Should the beneficiary’s share of the IRA assets be moved to an inherited IRA before paying out the RMD?
Read MoreAre your business clients frustrated with low employee participation in their retirement plans? It may be time for them to rethink their eligibility and contribution requirements.
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