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

The history of federal estate tax rates

Even though estate taxes don’t affect many people, they have been a hot topic in the political realm after the Tax Cuts and Jobs Act doubled the lifetime exemption. Here’s more on the history of estate tax rates. Don’t miss: Inherited IRAs The estate tax exemption has seen some extremely significant changes since it was …

Keep Reading

Inherited IRAs: How the SECURE Act can affect your distributions after death

On December 20, 2019, President Trump signed the Setting Every Community Up For Retirement Enhancement (SECURE) Act. There has been a lot of buzz around the SECURE Act, especially due to the provisions that affect distributions from inherited individual retirement accounts (IRAs). The largest change the SECURE Act made was to basically eliminate “Stretch IRAs”. …

Keep Reading