Newsroom View | Ed Slott and Company, LLC

Newsroom View

News & Press

Answers to Important RMD Questions

Friday, April 10, 2020

With stocks down around 17% since Feb. 20, older Americans stand to benefit from Congress’s stimulus-bill move to suspend required minimum distributions from retirement accounts this year.

The one-year hiatus gives those who can afford to leave their nest eggs alone a better chance of recovering losses. The reason: They’ll have more shares in their accounts in the event of a stock-market rebound.

Read More

IRS Provides Additional RMD Relief for Retirees

Friday, April 10, 2020

People who took a required minimum distribution (RMD) in 2020 and want to roll it back into an IRA because of the RMD waiver, a reprieve granted by the CARES Act, may have a little more time to do it. Recent IRS guidance includes an extension until July 15, 2020, to complete time-sensitive actions, such as indirect rollovers of retirement account distributions. But the extension only benefits a select group — those who took a distribution in 2020 between February 1 and May 15 and haven't rolled over any other distribution in the past year.

Read More

IRS Announces New July 15 Tax Deadline For Expats, Trusts, Estates And Corporations, Includes June 15 Estimated Payments Fix

Thursday, April 9, 2020

The Internal Revenue Service has been scrambling to make things easier for taxpayers in light of the COVID-19 pandemic, and now it’s issued yet another notice related to this tax season that moves deadlines later. It’s welcome relief for seniors and gig workers and many more. For CPAs trying to meet April 15 tax deadlines and to explain why second quarter estimated tax payments were due before first quarter payments, they can sigh in relief.

Read More

New changes in law will help those near retirement and others weather coronavirus's financial storm

Sunday, April 5, 2020

The new coronavirus outbreak and economic measures to contain it could have a significantly negative impact on retirement preparations for millions of Americans.

Account balances have been depleted by the stock market collapse. Many people now need to tap into their accounts to make ends meet. Others, facing layoffs or reduced hours, won't have the income to make investment contributions.

Read More

Retirees Get Relief in Senate Coronavirus Stimulus Package

Thursday, March 26, 2020

The Senate’s $2 trillion coronavirus-relief bill that passed Wednesday night includes breaks for Americans whose retirement accounts have been battered by the stock-market meltdown.

The House of Representatives is expected to pass the package on Friday. Treasury Secretary Steven Mnuchin said President Trump would sign the package as it was written Wednesday.

Read More

A Strategy for Taking Advantage of the Market Meltdown

Thursday, March 26, 2020

The market’s recent plunge has been brutal.

But for people with traditional individual retirement accounts, the silver lining is that today’s lower account balances can be used to reduce income-tax bills in retirement.

The key is a strategy known as the Roth conversion. This allows account owners to transfer some or all of the money in a tax-deferred IRA to a Roth IRA, a retirement account into which you contribute after-tax dollars and get tax-free withdrawals.

Read More

 

Find members of Ed Slott's Elite IRA Advisor GroupSM in your area.
We neither keep nor share your information entered on this form.
 

I agree to the terms and services:

You may review the terms and conditions here.