Last December, the Setting Every Community Up for Retirement Enhancement (SECURE) Act became law. The SECURE Act was intended mainly to expand opportunities for individuals to increase their retirement savings and to simplify the administration of retirement plans....
New IRS guidance expands the possibilities for what is an adverse COVID-19 impact on you for purposes of taking up to $100,000 out of your retirement accounts and repaying it without penalties. First, let’s look at the rules as they existed before this new IRS...
Talk to a business owner who has been in business for a while and he or she will tell you to make sure that you put a retirement plan in place. When you are starting out and have modest income, the Savings Incentive Match Plan for Employees (SIMPLE) IRA can be the...
As has become usual practice, Congress passed some meaningful tax legislation as it recessed for the holidays. In one of the new meaningful laws, passed on December 19, you will find the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act)....
Once you turn age 70 1/2, the tax code mandates that you withdraw a tax code–defined required minimum distribution (RMD) from your traditional IRA. But by using the RMD or other IRA distribution with a qualified charitable distribution (QCD), you can eliminate the RMD...
