The recently passed appropriations bill includes the long-awaited SECURE (Setting Every Community Up for Retirement Enhancement) Act and other retirement-related rules. This act went into law on January 1, 2020.  This is the most significant change in retirement plan rules since 2006. 

Here is a summary of the major components:

  • The minimum distribution age increased from 70 ½ to 72
  • No more stretch IRAs, beneficiaries must withdraw all assets of an inherited account wit
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Chris Eichmuller, CPA has information on a different way to make charitable donations:

 

Are you over 70 ½?  Are you required to take distributions from your IRA?  Are you a charitably-inclined person?

The recently enacted “Protecting Americans from Tax Hikes Act of 2015” contains a permanent extension of the popular rule allowing tax-free IRA distributions of up to $100,000 if donated to charity. The rule allows IRA owners who are 70-1/2 or older to direct up to $100, Read More >>

Al Harsar, CPA gives tips for tax-free retirement savings:

 

 

Saving for retirement is a no-brainer. But, wouldn’t you like to earn your retirement money on a tax-free basis? As a taxpayer, you have that option by using the benefits of a Roth IRA to save for your retirement.  Here’s how it works:

  1. Contributions to a Roth can be made with after-tax dollars, the benefit being that you pay no taxes on the appreciation when you withdraw from the Roth IRAs in the future.
  2. Ther
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Hank Gingerich, CPA advises on the various options of inherited IRAs:

 

 

When inheriting an IRA, a surviving spouse has several options. He or she can remain the beneficiary of the account. As an alternative, if the spouse is the sole beneficiary, he or she can instead treat the inherited IRA as his or her own.

If there are multiple beneficiaries, the account can be divided up so the spouse’s share is in its own account. When a spouse makes this decision, the IRA Read More >>