Resources

Cost of living adjustments (COLAs) are made each year as a result of inflation. 

Some of the questions we’re asked most often around this time of year are about IRA transactions.

Using this strategy, those who want to avoid taxation on their taxable retirement plan assets are able to do so by donating them to charity.

The IRS has issued Notice 2020-51 to provide further relief to individuals who have passed the statutory 60-day period.

Along with the early distribution penalty exemption, the tax on the distribution may also be spread out ratably for a period of three years.

The current stock market has some investors worried about their retirement investments. Investors who have non-traditional investments are less concerned.

Let’s discuss some notable features of the CARES Act that could affect IRA and employer plan sponsors. 

The SECURE Act of 2019 increased the age IRA holders are required to begin taking RMDs to 72, starting in tax year 2020.

Thanks to the SECURE Act of 2019, the age barrier to making Traditional IRA contributions will no longer be an issue as of tax year 2020.

The Setting Every Community Up for Retirement Enhancement Act of 2019 into law on December 20^th of 2019. The law enacts notable changes upon IRAs.

Clients ask us regularly, “What tax year should I report my retirement plan distribution in?” The best indicator of the tax year is the IRS Form 1099-R that accompanies your distribution.

A recent case ruled that an individual’s IRA was not exempt from creditors despite the individual’s Chapter 7 bankruptcy filing.