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.
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.
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.
What the new rules say about paying taxes on inherited funds
Starting this month, IRA expert Ed Slott is taking your questions about Individual Retirement Accounts. He starts by addressing what to do about new rules in the 2020 SECURE Act that affect most beneficiaries who inherit tax-deferred funds starting this year.