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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.

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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.

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I.R.A. Rules Have Changed, and Heirs Need to Pay Attention

Wednesday, March 4, 2020

“You could take little crumbs out, and let it grow tax-deferred over decades,” said Ed Slott, a certified public accountant and I.R.A. expert in Rockville Centre, N.Y. Required annual withdrawals were based on life expectancy, so the technique was especially helpful for young children or grandchildren, whose mandatory withdrawals would be quite small.

Now, heirs have just 10 years to drain an account.

 

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New Retirement Law Throws IRA Heirs a Curveball

Monday, January 20, 2020

"The law simply says you must take out the money after 10 years," notes Slott. "Your heirs could simply leave the Roth alone for 10 years and let the assets grow tax-free--and then take a lump sum. All that growth is tax-free, and it comes out tax-free," Slott adds.

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