Following new retirement legislation and subsequent guidance from the Internal Revenue Service (IRS), retirees and beneficiaries now have three required minimum distribution (RMD)...
Individual retirement accounts are saving plans that come with various restrictions. It stands out with the ability to allow taxpayers to defer tax payment on the proceeds and earnings...
There are subtle variations between what is considered an IRA transfer and what is considered an IRA rollover. Important to know – with either one for the rollover to be tax-free,...
2021 is right around the corner, but there is still a short time to lower your 2020 tax bill, increase your savings, help your community, and secure your financial future in the process....
When you find yourself as the beneficiary of an Individual Retirement Account (IRA) and the IRA owner passes away, you are told that you have received a tax-free inheritance. Well,...
Several charities are experiencing a drop in donations as the United States grapples with the COVID health crisis. In response, Congress included a clause in the CARES Act, designed...
The CARES Act caused some confusion regarding Required Minimum Distribution (RMD) and IRS Notice 2020-51 cleared it up.The CARES Act helped the RMDs to be waived. If the RMD is taken...
A common line says, "Seventy may be the new 40" but, the Internal Revenue System or the (IRS) have so many things to say about it especially for the older Baby Boomers who...
Posted by Unifirst Financial & Tax Consultants on 11/12/2019
What is the Required Minimum Distribution (RMD)?Required Minimum Distribution is the amount that qualified owners and participants must withdraw from a traditional, SEP, or SIMPLE...
Posted by YourIRSTaxAdvocate.com on 11/13/2019