The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) and Tax Extender & Disaster Relief Act were both passed at the 11th hour and signed into law on December 20, 2019. These make several tax changes affecting folks in the second half of life.
Under the new tax law, more taxpayers will be driven to skip itemizing deductions on Schedule A and just claim the standard deduction. The Qualified Charitable Distribution (QCD) is a tax-smart solution for some.
The answer depends on whether you want to make the gift while you're alive or after you've passed.
Question and background: I would like to use a part of my Roth IRA for a down payment on a manufactured home for retirement purposes. Is that possible? I know the maximum is $10,000 but I have been getting mixed answers.
Question and background: How much income tax will I have to pay on an inherited 401(k)? It was $1,790,000. I got it from my dad when he passed. Answer: My condolences in the passing of your father. In answering, I’ll assume that you are the sole “designated” primary beneficiary and that all your father’s contributions to the 401(k) were pre-tax.