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When Siblings Can’t Agree on What to Do With an Elderly Parent

Wednesday, July 1, 2020

My siblings and I are at odds over how to care for our mother, who is widowed and not in the best of health. She wants to continue living at home, but two of us think she needs to move to an assisted-living community. (A setting that seems problematic at best, given the coronavirus.) And if she moves, there’s no agreement about whether she should stay in the same area or move close to one of us. Any ideas about how to tackle this?

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IRS Grants Broad And Surprising Rollover Relief To All Who Took 2020 RMDs From IRAs & 401(k)s

Monday, June 22, 2020

Anybody who took a required minimum distribution from a retirement account in 2020 should take a look at new IRS guidance that says those who took a 2020 RMD can roll the money back into a retirement plan by August 31.

IRS Notice 2020-51 provides rollover relief with respect to waived RMDs, permits repayments to inherited IRAs, and includes Q&As for employers and employees navigating the 2020 RMD waivers and rollovers.

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IRS Provides Relief for Retirees on Required Distributions

Monday, June 22, 2020

The Internal Revenue Service issued a notice Tuesday that people who took required distributions from retirement accounts this year can put the money back.

On March 27, President Trump signed into law a measure that suspends for 2020 the required minimum distributions, or RMDs, many retirees must take from tax-deferred 401(k) and individual retirement accounts.


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Ed Slott On Why 2020 Offers Unique Retirement Income Opportunities

Thursday, June 11, 2020

Even though the CARES Act, Congress’s $2.5 trillion coronavirus relief provision, does not require retirees to take minimum distributions from their qualified accounts, they may want to anyway, said IRA and tax expert Ed Slott.

In "Answers To Advisors' Questions On The 2020 Retirement Tax Rules," a Tuesday afternoon webinar, Slott said that the provisions of the CARES Act, combined with changes to taxation and retirement rules in 2019’s SECURE Act, make 2020 a unique year for retirement income.

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Retirees Get a Break on IRA Distributions

Wednesday, June 3, 2020

The coronavirus stimulus package, known as the CARES Act, allows retirees who are 72 or older to skip required minimum distributions from IRAs and other tax-deferred accounts for 2020. Here are answers to questions about the waiver.

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401(k) retirement savers gain access to private equity investments

Tuesday, June 2, 2020

The Trump administration on Wednesday announced new guidance pertaining to defined contribution plans – like 401(k) accounts – and what investments the funds are able to access.

Retirement savers will now have access to private equity investments through defined contribution plans, the Department of Labor said in an information letter.

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What to know about your taxes if you're getting coronavirus relief from unemployment

Sunday, May 10, 2020

Stimulus payments, relaxed rules for tapping into retirement accounts and other coronavirus-relief measures are helping to keep millions of Americans afloat financially, but they could bring tax surprises, including unpleasant ones, down the road.

Here's a quick look at some of the tax red flags to beware — ramifications that could affect how much money you owe or receive in a refund and possibly affect Social Security or other benefits.

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Ed Slott: RMD Rule Changes Amid Coronavirus Confuse Clients

Thursday, May 7, 2020

IRA expert Ed Slott, president of Ed Slott and Co., stressed that the COVID-19 pandemic “shouldn’t be down time” for advisors: “This is the time you want to strengthen your relationships.”

In particular, he said, many clients need your help understanding the federal government’s COVID-19 relief initiatives, including breaks on required minimum distributions from retirement accounts.

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