Here’s why you need to read beyond the headlines and understand why this may be the most overhyped provision of SECURE 2.0.
In addition to raising the age at which individuals must start taking required minimum distributions, the SECURE 2.0 Act also lowers the penalty for not taking an RMD.
The provisions of the SECURE and CARES Acts, and the related IRS rules, are creating even more confusion about which beneficiaries are subject to RMDs this year.
A qualified charitable distribution is a direct transfer of traditional IRA funds to a qualified charity.
This list is longer than you might have thought, and it’s more confusing than ever before. And the penalty is still 50% if the RMD isn’t taken.
The tax collector says there will be no 50% penalty for missed 2021 and 2022 RMDs for beneficiaries subject to the 10-year rule.
Clients don't have to sell stocks in their individual retirement accounts to take their required minimum distributions.
New IRS rules complicate the calculation of required minimum distributions for those who have inherited individual retirement accounts.
Many clients aren't aware that plans they made long ago to leave individual retirement accounts to their beneficiaries may not work as intended, given the SECURE Act and recent IRS rules.
Although the SECURE Act eliminated stretch IRAs for most beneficiaries, replacing them with the 10-year post-death payout rule, some beneficiaries can still use a stretch IRA.
New (and confusing) IRS rules about required minimum distributions raise new questions for advisers.
The big surprise was the IRS' announcement that if an account holder dies after their required beginning date, required minimum distributions would be required for years one through nine.
Should a client use old tables, new tables, both tables or no tables to calculate their RMDs this year? It depends ... and advisers need to know the answer.
When required minimum distributions begin, QCDs can reduce or eliminate the income tax on the RMD income — if the timing is right.
As the end of the year approaches, here's a round-up of the best retirement tax planning ideas for 2021.
Congress has retirement accounts in its sights for future tax increases, but financial advisers can help their clients make some defensive moves now.
The proposals in Congress might not become law, but clients are hearing about them and want to hear from their advisers on planning moves they could make to be better prepared.
A North Carolina Bankruptcy Court decided that inherited 401(k) accounts do indeed receive creditor protection under ERISA as long as the funds are still in the plan at the time of the bankruptcy filing.
A lifetime of accumulation and growth goes up in smoke because the beneficiaries don’t know the IRA trust tax rules. Advisers can help their clients avoid such colossal blunders.
2021 is the last year your clients can use their retirement funds for unlimited charitable giving as a result of provisions in recent tax laws.
