IRS allowing heirs to skip RMDs in 2023
The IRS recently delivered more guidance for heirs on how to handle RMDs with inherited accounts.
Tag: IRS
Often overlooked retirement plans for the self-employed
Roughly 25 million small businesses are self-employed individuals and many do not have retirement plans in place.
Heirs still waiting for clarity on 10-year rule
Although the Treasury Department issued proposed regulations for the new 10-year rule in February 2022, heirs are still waiting for final clarification.
Putting your tax refund to work
With an average tax refund of more than $3,000 many taxpayers are planning to save the funds this year and pay down debt or save for the future.
Leading tax topics on the minds of financial advisors
SECURE Act regulations, the SALT deduction, and Roth IRA strategies were among the leading tax topics raised by financial advisors at a recent webcast.
Changes to the 10-year rule could surprise retirement account heirs
The IRS is proposing new rules for retirement account distributions including changes to the requirements of the 10-year rule for heirs.
Retirees may keep more savings under new guidelines
The Treasury Department updated the life expectancy projections used to calculate RMDs which may allow retirees to keep more savings longer.
Key tax figures for 2022
While most key tax figures for 2022 had only slight changes, there are areas where individuals may want to consider revisions to their tax strategy.
Next steps for investors who withdrew funds under the CARES Act
Individuals who withdrew retirement funds under the CARES Act have options for filing and paying taxes.
RMD waiver expanded for all investors in 2020
The IRS released new guidance that expanded the RMD waiver for use by all investors in 2020.