Inherited IRAs – IRS Issues Final Regulations
Prior to 2019, most beneficiaries of Inherited IRAs could stretch out Required Minimum Distributions (RMDs) over their lifetime. However, the first SECURE Act eliminated this benefit and required that most non-spouse beneficiaries empty inherited accounts within 10 years. This change led to considerable confusion, most notably, whether annual RMDs were necessary during this 10-year period. […]
Qualified Charitable Distributions
Qualified Charitable Distributions (QCDs) allow taxpayers age 70 ½ or older with traditional IRAs (not including active SEP or SIMPLE IRAs) to make charitable contributions directly from their IRA to a qualified charity (not a donor advised fund or private foundation) that will be excluded from their taxable income. This is especially beneficial for those […]
Another IRS Rule Change For RMDs!
The original SECURE Act enacted back in 2019 made two notable changes (among many) for those who owned retirement accounts. The first major change increased the age at which account owners must begin taking Required Minimum Distributions (RMDs) from their tax-deferred retirement accounts from age 70 ½ to 72. The second major change addressed how […]
Qualified charitable distributions – a year-end tax tip
Are you 70 ½ or older? Do you still need to take part, or all, of your required minimum distribution (RMD) from your IRA? Are you planning on making any charitable donations before the end of the year? If the answers to these questions are yes, consider making the charitable donation(s) directly from your IRA. […]