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Newsroom View

A New IRA Donation Strategy Now Can Increase Your Tax Savings Later

Friday, April 17, 2020

It’s a confusing year for charitably minded seniors with traditional individual retirement accounts—and a good one to reconsider giving strategies.

Recent law changes are responsible. Late in 2019, Congress raised the age at which most savers are required to start taking money from their IRAs to age 72 from age 70½. But it left unchanged the age at which savers can donate IRA assets, which is still 70½.

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Coronavirus relief: We answer your questions about how the CARES Act affects retirement withdrawals and IRAs

Wednesday, April 15, 2020

The CARES Act, the legislation signed into law by President Trump in March, generated many questions from readers. Below we answer some of them.

Q: You wrote in a recent article that "the law also doubles the amount 401(k) participants can take in loans from an account for the next six months to the lower of $100,000 or 100% of the account balance. IRAs don’t permit loans."

It seems as if this part of Bill S.3548, speaks to individual retirement account (IRA) loans:

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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.

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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.

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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.

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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.

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