Category Archives: News Alerts

COVID-19: CARES Act Allows $100,000 Tax-Free IRA Grab and Repay

More Relief: Retirement Account Required Minimum Distribution Rules Suspended for 2020  The $2 trillion COVID-19 economic recovery bill finally made it through Congress and was signed into law by President Donald Trump on March 27. The legislation is titled the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). It’s a daunting 880 pages long, […]

Check on the status of your Economic Impact Payment

Check on the status of your Economic Impact Payment This application will give you information about: Your payment status Your payment type Whether we need more information from you, including bank account information You May Need: Your 2019 return, if filed, and Your 2018 return https://sa.www4.irs.gov/irfof-wmsp/notice;jsessionid=z2qumEsUwEj3QZnNdx11EsVq.4a Didn’t File a Return in 2018 or 2019? If […]

Inheriting IRAs from someone other than your spouse

The SECURE Act changed the rules for distributing assets from an inherited IRA upon the death of an IRA owner*. The “stretch IRA” provision has generally been eliminated for non-spousal IRAs. For IRAs inherited from original owners who have passed away on or after January 1, 2020, the new law requires many beneficiaries to withdraw […]

CREATING BACKDOOR ROTH IRA

Higher-income investors who want access to Roth IRAs may need to use the back door. IRS income limits restrict high-income investors from making Roth contributions. However, there are no income restrictions on conversions. These investors can contribute through the back door by making a nondeductible traditional IRA contribution and then converting to a Roth IRA. […]