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.
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.
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.
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.
NEW YORK, April 1, 2020 -- The 2020 edition of Ed Slott's Retirement Decisions Guide,a book by Ed Slott, CPA, America's IRA Expert, founder of Ed Slott and Company, LLC and creator of irahelp.com, has been revised to incorporate information about the new retirement tax laws implemented following the passage
The ink is barely dry on the new coronavirus relief bill, yet tax mavericks are hatching strategies around the retirement savings provisions.
Last Friday, President Donald Trump signed the $2 trillion package into law. The measure contained several provisions aimed at loosening rules governing retirement accounts.
The coronavirus has disrupted life throughout America, but various common-sense tips can help keep your finances under control.
Fortunately, most of the following checklist items are reasonably easy to implement, without requiring much heavy lifting. Many are actions you should have been taking anyway, but now they're more urgent.
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.