Tag Archives: RMD

In July 2023, the IRS issued guidance granting taxpayers temporary relief from compliance with recently enacted laws concerning required minimum distributions (RMDs) from tax-deferred retirement accounts, including individual retirement accounts (IRAs) and 401(k)s. The Secure Act, signed into law in 2019, introduced a requirement that certain non-spouse beneficiaries of inherited IRAs draw down those accounts […]

With the end of the year around the corner, you have a limited amount of time to maximize your retirement savings opportunities in the most tax-efficient manner. Following are some steps to consider taking before December 31. Max out your contribution to a workplace 401(k) retirement plan. For 2023, the maximum amount you may defer […]

The SECURE Act signed into law at the end of 2019 brought new restrictions to non-spouse beneficiaries of inherited individual retirement accounts (IRAs), requiring them to empty those accounts within 10 years of the original owner’s death and pay the taxes due. Not only was the new law bad news for beneficiaries who were previously […]