Tag: IRA
IRS clarifies RMD rules on inherited IRAs but tax implications loom
The IRS and Treasury Department issued final regulations reflecting updates from the SECURE Act and SECURE 2.0 Act affecting retirement plans, IRAs, and beneficiaries, addressing additional issues related to Required Minimum Distributions (RMDs) of inherited retirement accounts. Specifically, the IRS...
Tax-free rollover from 529 plans to Roth IRAs will be allowed starting in 2024
In December 2022, Congress passed an extensive spending bill that includes the highly anticipated retirement legislation known as SECURE Act 2.0. Among the provisions of SECURE Act 2.0 is the introduction, starting in 2024, of a new option allowing certain...
New IRS proposal could affect timing of inherited IRA distributions
If you've inherited an IRA in 2020 or later, take note: the wait-until-the-tenth-year approach to distributing the account might no longer work. Most have interpreted the IRS' regulation of the 2019 SECURE Act to mean that an IRA inherited in...
Down market could be right time to convert IRA to Roth IRA
The recent market downturn has reduced the value of many IRA accounts, presenting a potential opportunity to convert IRAs into Roth IRAs. While converting, taxes will be owed on the converted IRA value, but with current lower asset values, the...
How to enhance retirement planning under new tax laws
A recent article from CNBC outlined several ways taxpayers can improve retirement planning under new the tax laws. Here’s an overview: Move to a low-tax state. New caps on state and local tax deductions make retirement in high-tax, blue states...
Guest Author Lisa Zimmer: The final fiduciary rule has arrived . . . finally
The Department of Labor (DOL) on April 6, 2016, issued the highly anticipated final fiduciary rule. While the essence of the final rule remains the same as the rule proposed last year, it has been tweaked to address, or eliminate,...