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.
Read More
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.
Read More
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?
Read More
What is the 403(b) plan restatement? What is the deadline for restating 403(b) plan documents? What if an employer is unable to restate its 403(b) document timely?
Read More
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.
Read More
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.
Read More
In addition to recent legislation that requires health insurance providers to cover COVID-19 testing without charge, IRS Notice 2020-15 will allow high deductible health plans to cover COVID-19 diagnostic testing and associated treatment costs without jeopardizing an HSA owner’s contribution eligibility.
Read More
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?
Read More
What is the deadline for an employer to establish a qualified retirement plan? Can an employer establish a plan in 2020 for the 2019 plan year? If an employer establishes a plan for the prior year, can elective deferrals be contributed for that prior year?
Read More
IRS Notice 2020-15 addresses testing and treatment of COVID-19 as it pertains to HSA contribution eligibility.
Read More
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.
Read More
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.
Read More
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.
Read More
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?
Read More
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.
Read More
With so many savings obstacles lined up against women, it is crucial that your female clients have a plan to meet their retirement savings goals. Incorporating an HSA into their savings strategy early on could pay off for them in the future.
Read More
What is a related employer relationship? Why does it matter if the employer is part of a related employer relationship for retirement plan purposes? What should the employer consider in terms of the plan and how are participants affected?
Read More
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.
Read More