IRS Makes Cost-of-Living Adjustments for Retirement Plans
The IRS has announced cost-of-living adjustments for retirement plans for the 2021 tax year. The adjustments do not change the IRA contribution and catch-up contribution limits for individuals 50 years...
November 24, 2020
IRS Updates Life Expectancy Tables Used to Determine Required Minimum Distributions
The IRS has adopted updates to life expectancy tables used to calculate required minimum distributions from retirement plans, IRAs, and annuities. The updates will apply to distribution calendar years that...
November 17, 2020
IRS Extends RMD Rollover Period to August 31, Provides Additional Guidance
The IRS issued a notice on June 23 regarding the CARES Act waiver of 2020 required minimum distributions (RMDs). Under the notice, anyone who already took an RMD in 2020...
June 25, 2020
The IRS has published guidance regarding CARES Act provisions on Coronavirus-related distributions and loans from retirement plans. The CARES Act provided relief from the 10 percent penalty and 20 percent...
June 22, 2020
IRS Issues FAQs on CARES Act Retirement Plan, IRA Provisions
The IRS has issued new FAQs on CARES Act provisions related to retirement plans and IRAs. The IRS and the Treasury Department are also developing additional CARES Act guidance, to...
May 06, 2020
IRS Increases Contribution Limits: The IRS recently announced increases for tax year 2020 to contribution limits for 401(k), 403(b), and most 457 plans from $19,000 to $19,500. The limit for SIMPLE...
November 25, 2019
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