Retirees Get Another Break with Expansion of RMD Waiver The CARES Act cancelled "required minimum distributions" for 2020...and the IRS just expanded that relief to help more seniors and give more time to undo previous withdrawals. Seniors got a big break back in March when the Coronavirus Aid, …
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Treating Tax-Free Life Insurance As A Diversifying Asset Class
By Bill Monte, The Estate, Legacy and Long-Term Care Planning Center of Western NY Life insurance can be used very effectively as a legacy and long-term care planning tool. Not only can it be used to help preserve and protect your retirement assets from the exorbitant costs of an unexpected need …
What Can You Do with Your Child’s Leftover 529 College Savings Account?
What Can You Do with Your Child’s Leftover 529 College Savings Account? These accounts are flexible, and you have many options: Q.: We will not need all the money we have in my son’s 529 plan. What are our options with these funds? Can we use the money ourselves? — Sandy A.: Sandy, …
IRS widens eligibility to undo RMDs
IRS widens eligibility to undo RMDsThe IRS on Tuesday came out with several fixes to its COVID-19 guidance related to retirement accounts, including allowing people to undo required minimum distributions they made in January.The CARES Act allowed account holders to skip their RMDs for 2020. The IRS …
IRS Grants Broad And Surprising Rollover Relief To All Who Took 2020 RMDs From IRAs & 401(k)s
IRS Grants Broad And Surprising Rollover Relief To All Who Took 2020 RMDs From IRAs & 401(k)sAnybody who took a required minimum distribution from a retirement account in 2020 should take a look at new IRS guidance that says those who took a 2020 RMD can roll the money back into a retirement …