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.
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.
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.
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.
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.
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.
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.