Christine Benz: Hi, I'm Christine Benz for Morningstar. With most taxpayers claiming the standard deduction, that means they don't receive credit for charitable giving on their tax returns. Joining me to discuss some charitable giving strategies is Ed Slott. He is a tax and retirement expert, and he is also the author of a new book called "The New Retirement Savings Time Bomb."
Do you have clients who took coronavirus-related distributions, or CRDs, in 2020? If so, they face an immediate decision about how to include the CRD in taxable income. They also must decide whether to repay the CRD and, if so, the optimal time to make repayment.
From the SECURE Act to the CARES Act to the Tax Cuts and Jobs Act, a lot has changed in the last five years regarding retirement, income tax, and estate law changes and provisions enacted. As if retirement planning wasn’t already difficult enough for Americans to navigate, but with Congress constantly overhauling the tax system, it’s vital to be on top of the latest retirement and tax planning strategies.
Christine Benz: Hi, I'm Christine Benz for Morningstar. The SECURE Act, passed in late 2019, brought about the demise of the so-called "stretch IRA." Joining me to discuss the implications for tax and retirement planning is tax and retirement expert, Ed Slott. He is the author of a new book called The New Retirement Savings Time Bomb.
Q: Early last year I took my 2020 required minimum distribution (RMD) from my IRA, but later in the year the tax law waived RMDs, so I returned the funds. By doing this, I thought this was all taken care of, meaning that I thought I was “zeroed” out with no tax due.
But now it's tax time, and I have two issues I'd like help on.