Tax Planning
Key things you really need to know. Beneficiary IRA distributions have changed dramatically since Secure Act 2.0. In the past you could inherit an IRA from someone other than your spouse and remain taking small distributions at the decedent’s RMD pace. Now the IRS requires you to take the full balance within 10 years. For
Turning 73 this year? It is important to take minimum distributions to avoid penalties. Because the purpose of IRAs is to save for retirement, investors must take required minimum distributions (RMD) from their employer sponsored plan or other retirement account once they reach age 73 (70 1/2 for those born before July 1, 1949). For
While people are itemizing less often, there still could be some additional tax savings. With the passing of the Tax Cuts and Jobs Act (TCJA) of 2016, several changes were made that significantly reduced the number of tax filers itemizing their deductions: the most noteworthy being the doubling of the standard deduction and creation of