It ain't no lie. Bob Dylan has sold his immense collection of songs. The financial details were not disclosed, but most commentators estimate the deal is worth hundreds of millions of dollars. While one song Dylan did not write was “Taxman” (that was George Harrison), he may have been thinking about that when deciding to go through with this sale. (While “Johnny’s in the basement mixing up the medicine,” Dylan was “on the pavement thinking about the government.”)
Ed Slott, CPA, is one of the nation's top experts on retirement plans. For more than 30 years, he has educated both consumers and financial advisors on retirement tax-saving strategies. Most recently, he published Ed Slott's Retirement Decisions Guide: 2020 Edition and is the host of several popular public television specials, including his latest, Retire Safe & Secure! With Ed Slott.
Time’s running out on coronavirus-related distributions. CRDs were created under the CARES Act but only for 2020 — technically only through Dec. 30. These are distributions that can be taken from an individual retirement account or company retirement plan by affected individuals, generally due to illness or loss of income resulting from the COVID pandemic.
Q: I'm 62, single, no children, self-employed. I'm slowly recuperating from COVID, although I'm a long way from recovered.
I have a Roth IRA and a rollover IRA. May I withdraw all of these moneys now, and repay/replace these funds in three years without tax implications?
2020 will be a year to remember for decades to come. In the world of tax and retirement planning, it’s brought opportunities for advisors to present to clients. But unlike those in other years, 2020’s opportunities should be seized now—taken advantage of before year’s end—because they may not be as effective afterward.
Can you really make millions and pay little or nothing in taxes, and do it legally? Absolutely! Big corporations do it all the time. But so can certain individuals who have the right set of financial facts, specifically the right sources of income and losses.
The IRS released new guidance Friday on taking coronavirus-related distributions from retirement plans in IRS Notice 2020-50.
Coronavirus-related distributions were created under the CARES Act to help those in need withdraw funds penalty-free from their retirement savings. The CARES Act also allows CRD income to be spread over three years and CRDs to be repaid within three years.
Last month, I outlined how the CARES Act would affect required minimum distributions (RMDs) from retirement plans. But with complex legislation, new questions always arise. Here are answers to some of the most commonly asked questions since last month on RMDs.
In addition to the catastrophic health situation caused by coronavirus, many of your clients are also getting hurt financially, especially in their retirement accounts. You may be able to help them take advantage of several new relief provisions that most of your clients can benefit from immediately.