IRS gives retirees a longer life in 2022

In early 2020, the CARES Act dropped the required minimum distribution (RMD) requirement for year 2020. However, if you received a RMD from your retirement account in prior years, you may realize that life expectancy tables are used to calculate your annual RMD amount. Don’t miss: IRS transcripts masked for identity protection To calculate an …

Keep Reading

CARES Act changes 401K loan rules

In response to the COVID-19 pandemic, Congress issued the CARES Act, which expands eligibility and alters the regulations regarding 401(k) loans. The CARES Act allows you to borrow 100% of your account balance up to $100,000 (less any previously outstanding loans), which is a significant increase from the $50,000 limit prior to the act. Currently, …

Keep Reading