Ed Slott, the Rockville Centre, New York-based CPA, editor of the newsletter Ed Slott’s IRA Advisor, and author of “The New Retirement Savings Time Bomb” (Penguin Books), to be released in March, recently talked to ThinkAdvisor with some advice about how tax law changes. Here are excerpts from our interview:
Estate attorneys, certified public accountants (CPAs) and the very wealthy will likely go to war with the federal government should former Vice President Joe Biden assume the Oval Office. The issue at hand? Biden’s tax reform proposals, including a little-known provision called step-up in basis.
This fall, older savers who are feeling generous may want to consider using their individual retirement account to help fund their favorite charities.
There’s an incentive for being altruistic: It could help retirees manage their Medicare premiums in 2022.
It’s now easier for older savers to continue socking money away for retirement.
Just be aware that unintended consequences may follow — and they could cost you.
That’s due to the Secure Act, legislation that was signed into law late last year and took effect in 2020.