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To qualify as a QCD, the gift must be made directly from an IRA account. Employer plans, such as 401ks or 403bs, aren’t eligible for QCDs, just IRAs.
Unfortunately, even as tax prep software evolves, several common mistakes prevail. So how can you avoid these common (and costly) errors?
In late December of 2022, Congress passed, and President Biden signed the $1.7 trillion omnibus spending bill. One part of the bill is the SECURE 2.0 Act, which expands on the original SECURE Act of 2019 by enhancing many features related to investors.
According to the IRS, if you've already taken your RMD, there is still time to replace that distribution and avoid the tax burden. The ability to return the unwanted RMDs only applies to the amount of the RMD withdrawn — and it must be completed by August 31.
Did you take your required minimum distribution before the CARES Act was signed into law? How does the legislation affect your RMD?
The SECURE Act was passed late last year, and it made significant changes that will impact everyone, from young families to retirees. So, how does this new law affect your IRA, minimum distributions, charitable giving, and more?
If you are over 70 ½, read this article! The Internal Revenue Service requires you to withdraw a minimum amount each year from your retirement accounts. If you don’t need the money, you have options that can reduce your taxes either this year or in the future.