Taxes

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CARES Act: IRA and Retirement Plan Provisions

There are several provisions in the CARES Act, which was signed into law on March 27, 2020, that provide flexibility to retirement account owners. In a previous blog post, we discuss the suspension of Minimum Distribution Requirements for 2020.  But perhaps the most significant change to IRAs under the CARES Act was the establishment of…

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CARES Act: Changes to Minimum Distribution Requirements for 2020

Included in the CARES Act, which was signed into law on Friday, March 27th, 2020, are provisions related to tax-deferred retirement plans/IRAs and minimum distribution requirements for 2020. Specifically, regardless of your age, all minimum distribution requirements from tax-deferred retirement plans and IRAs have been suspended for 2020.  Of course, you can take withdrawals if…

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The SECURE ACT’s “10-Year Rule” for Inherited IRAs

On Friday, December 20, 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law.  The broad intent of the legislation is to make it easier for families to save more for retirement, but it also includes several unfavorable provisions intended to offset the loss of tax revenue likely to result…

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2019 Contribution Limits for Retirement Accounts

Annual contribution limits for retirement savings accounts for 2018 and 2019, as established by the IRS, are listed below.  Please keep in mind that contributions to Traditional IRAs, Roth IRAs, and SEP IRAs can be made up until the time your tax return is due, including extensions. 2018 2019 Maximum Annual Traditional IRA contribution (under…

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How to Use Asset Location to Increase After Tax Returns

  Most of us have heard of asset allocation – the process of dividing a portfolio’s assets across various parts of the market according to an investment plan that takes into account an investors goals and risk tolerance.  Asset location, on the other hand, is a tax minimization strategy that takes into account how different…

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What You Need to Know about Roth IRA and 401K Distribution Rules

When saving for retirement, ROTH accounts are becoming increasingly popular.  Unlike traditional IRAs or 401k plans, while contributions to ROTH IRAs and ROTH 401k plans are not tax deductible, distributions are tax-free (so long as certain requirements are met).  If you have ROTH accounts, it is important to understand Minimum Distribution Requirements as they differ from those of traditional IRAs/401ks.

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