Estate planning is an important part of year-end planning as taxpayers seek to manage the distribution of assets as and meet any state tax requirements.
The Treasury Department updated the life expectancy projections used to calculate RMDs which may allow retirees to keep more savings longer.
The SECURE Act introduced an anti-abuse rule to prevent benefiting twice from taking IRA distributions and QCDs.
With different tax rules and penalties for forgotten distributions, it’s important to review retirement accounts before the end of the year.
Retirees at age 70½ may direct IRA assets to a charity tax-free under a provision made permanent by Congress.