Social Security benefits are on shaky ground and the coronavirus recession only makes things worse. Can you protect yourself from whatever cutbacks the Social Security Administration might be forced to make?
For many years, “529” education-savings plans have been a tax-advantaged vehicle for parents and grandparents to accumulate funds for a child’s college costs. A new law, enacted at the end of last year, has made these plans even more advantageous.
My siblings and I are at odds over how to care for our mother, who is widowed and not in the best of health. She wants to continue living at home, but two of us think she needs to move to an assisted-living community. (A setting that seems problematic at best, given the coronavirus.) And if she moves, there’s no agreement about whether she should stay in the same area or move close to one of us. Any ideas about how to tackle this?
The Internal Revenue Service issued a notice Tuesday that people who took required distributions from retirement accounts this year can put the money back.
On March 27, President Trump signed into law a measure that suspends for 2020 the required minimum distributions, or RMDs, many retirees must take from tax-deferred 401(k) and individual retirement accounts.
Anybody who took a required minimum distribution from a retirement account in 2020 should take a look at new IRS guidance that says those who took a 2020 RMD can roll the money back into a retirement plan by August 31.
IRS Notice 2020-51 provides rollover relief with respect to waived RMDs, permits repayments to inherited IRAs, and includes Q&As for employers and employees navigating the 2020 RMD waivers and rollovers.
The IRS released new guidance Friday on taking coronavirus-related distributions from retirement plans in IRS Notice 2020-50.
Coronavirus-related distributions were created under the CARES Act to help those in need withdraw funds penalty-free from their retirement savings. The CARES Act also allows CRD income to be spread over three years and CRDs to be repaid within three years.
The Cares Act made it easier to take money out of retirement accounts, and put it back in, but the rules are tricky. Today I’ll answer some questions about those provisions, including how to return a required minimum distribution.