Beginning January 2025, the final rule is in effect for non-spouses who inherit a qualified plan (IRA, 401k, 403b, 457). If you plan to pass down a qualified plan or expect to inherit one, read on for an explanation. Background…
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If you are 73 or older, still need to take your required minimum distributions from your IRA for this year, and want to contribute to a charitable cause, consider taking your RMD as a qualified charitable distribution (QCD). A QCD withdrawal…
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As we previously reported, the SECURE ACT of 2019 eliminated the ability of non-spouse beneficiaries to “stretch out” an inherited IRA over their own lifetimes, requiring the account to be depleted within ten years. However, exactly how RMD’s must be…
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Congress has given retirement savers a nice holiday gift: The SECURE Act 2.0. Tucked into the $1.7 trillion omnibus budget passed on December 23, SECURE 2.0 (Setting Every Community Up for Retirement Enhancement) creates new opportunities for retirement savers of…
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Prior to the 2019 SECURE Act (Setting Every Community Up for Retirement Enhancement), a non-spouse who inherited an IRA could take required minimum distributions based on the non–spouse’s life expectancy. In this manner, IRA owners who did not need retirement…
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From the law is a moving target department: The SECURE Act (Setting Every Community Up For Retirement Enhancement) became law on January 1, 2020 and made several changes to the rules for retirement accounts. One provision is that non-spouse beneficiaries…
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Many of the rules governing retirement accounts have changed over the last few years. Now, more changes have arrived or are on the way. Required Minimum Distributions Return In 2021 The Coronavirus Aid, Relief and Economic Security Act, passed in…
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The CARES Act was designed to provide a measure of financial relief to Americans impacted by the coronavirus pandemic. The two-trillion-dollar legislation was passed on March 27, 2020. As noted in a prior post, among the law’s provisions is an…
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The CARES Act (Corona Aid, Relief and Economic Security Act) signed into law on March 27 provides $2 trillion in relief for Americans impacted by the COVID19 pandemic. Among its many provisions, the law relaxes several rules for retirement accounts…
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The 2020 census begins in mid-March. That is when the U.S. census bureau begins sending postcards to all U.S. households requesting their participation. You should receive the correspondence by April 1. This is the first time that households may provide data…
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