New Rules Loosen or Eliminate Documentation Rules for See-Through Trusts
The new required minimum distribution (RMD) rules recently issued by the IRS include some good news for trusts named as retirement account beneficiaries. A documentation requirement (that tripped up many trustees resulting in a shorter payout period from the inherited account) has been loosened for plans and eliminated for IRAs. [...]
New IRA Aggregation Rule When Doing a Rollover in an RMD Year
If you have multiple traditional IRAs and want to do a 60-day rollover (or Roth conversion) in a year when a required minimum distribution (RMD) is due, the IRS has a surprise for you. RMDs from multiple traditional IRAs (and SEP or SIMPLE IRAs) can be aggregated and paid from [...]
Roth IRA Advantage Under the Final RMD Rules
In 2020, the SECURE Act completely changed the game for nonspouse IRA beneficiaries. Now, most are subject to the 10-year payout rule. Recently released final RMD rules keep the controversial proposed rule that requires many beneficiaries subject to the 10-year rule to also take annual required minimum distributions (RMDs) during [...]
Year-of-Death RMD – Deadline Extended!
When a person reaches the required beginning date (RBD) – generally April 1 of the year after the year the person turns age 73 – required minimum distributions (RMDs) must officially start on traditional IRAs. But what if an IRA owner dies in a year when the RMD is due, [...]
THE SECURE ACT 2.0
Here’s What It Means For You
On December 29, 2022, the SECURE 2.0 Act was signed into law. While “Son of SECURE” is not quite the game changer for IRAs that the original SECURE Act was, there are many new provisions. How will this legislation affect you and your retirement savings? Download the Guide for some highlights and effective dates.
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Steven J. Toto, CPF®
Proud Member of Ed Slott’s IRA Advisor Group
Members of Ed Slott’s Elite IRA Advisor GroupSM train with Ed Slott and his team of IRA professionals on a continuous basis. Members are immediately notified of changes to the tax code and updates on retirement planning, so you can be sure your retirement dollars are safe from unnecessary taxes and fees. Retirement planning is complicated. It is a personal and situational endeavor with possible pitfalls in the way of success. There are approximately 500 members throughout the country and Steven Toto is one of them. He is armed with current, cutting-edge IRA information to help service his clients, their families, and members of the Newtown, PA & Princeton, NJ communities. If you are interested in discussing your situation with Mr. Toto, give us a call today.
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