Mega qualified charitable distributions only available until year-end
Advisers with charitably inclined clients should let them know that through year-end, anyone who’s over 59½ can transfer an unlimited amount from an IRA or 401(k) to a charity and get an itemized deduction to offset the income, Ed Slott says.
How proposed IRA legislation could affect your clients
Proposed IRA legislation would ban after-tax back-door Roth conversions, stop pre-tax Roth conversions above a certain income level, and mandate that private securities come out of IRAs – all provisions that could affect many clients, Ed Slott says.
Congress takes aim at mega-IRAs
Advisers with clients who have large IRAs should be aware of congressional proposals targeting mega-IRAs — those holding more than $10 million — including a proposal for a mandatory 50% RMD of the amount over $10 million, Ed Slott says.
Time to talk about Roth conversions
As year-end approaches, Ed Slott says advisers should talk to clients about Roth conversions. Clients have a better idea of their income for the year, and advisers can help them project the cost of a conversion at this year's low rates.
Valuable strategy for year-end tax planning
Qualified charitable distributions, or QCDs, remain a valuable tax strategy this year, even given the break on RMDs, Ed Slott says. QCDs involve transfers from IRAs directly to a qualifying charity.
What does the election mean for taxes?
The presidential election is looming, but Ed Slott says no matter who’s elected in November, tax rates are likely to head higher, and it’s time to prepare clients for that.
Final due date for 2019 taxes
This year’s tax season has gone on forever. Ed Slott throws cold water on speculation that the IRS might provide another extension and says Oct. 15th will be the final deadline for filing 2019 taxes.
Coronavirus-related distributions still available
Clients can still take coronavirus-related distributions from IRAs or retirement plans through the end of this year, Ed Slott notes, for those who qualify because they fell ill or lost income as a result of COVID-19.
Expanded access to coronavirus-related distributions
New IRS guidance in June gave more people access to coronavirus-related distributions from their retirement plans and IRAs. Ed Slott goes over the changes.
Three ways to access retirement savings
Ed Slott lays out the ways that people can tap the funds in their retirement accounts in the wake of the CARES Act – hardship distributions, coronavirus-related distributions and loans.
