Ep. 29 – Denise Appleby – Secure Act – Cares Act and Retirement
Do you ever feel that retirement plan rules are changing too fast? It can be hard to keep up with the changes to IRAs, 401ks, and RMDs – especially this year.
The Secure Act and the Cares Act present some unique tax benefit opportunities that you may want to take advantage of. However, knowing what they are, if you fit the requirements, and how long they last, can be confusing.
We invited Denise Appleby, CEO of Appleby Retirement Consulting Inc., onto this episode of podcast to share her insights into the ever-changing world of IRAs so you can make the most of any potential tax benefits. Denise is our go-to consultant for IRA questions as she has over 20 years of experience in the retirement plans sector. We were delighted that she could join us, and hope that this episode is useful to you.
In this episode find out:
- How the Secure Act is affecting IRAs – including the 10% additional tax on distributions that most people don’t know about
- How the Secure Act changed the stretch IRA
- What a QCD (qualified charitable distribution) is and why you should consider making one
- Why you do not have to take RMDs in 2020 under the Cares Act
- The three significant tax benefits from Coronavirus related distributions
Tweetable Quotes:
“It doesn’t matter what your age is, you can make a contribution to a traditional IRA as long as you have eligible compensation. This rule applies to contributions that are made for 2020 and after.” – Denise Appleby
“Typically, when you take a distribution from your retirement account, it has to be included in income for the year distribution. But a Coronavirus related distribution is an exception to that.” – Denise Appleby
“If 2020 has taught us anything, it’s that these rules are a moving target. So, if you read an article online, listen to a radio show, or heard some information, don’t assume that that information is going to be correct tomorrow.” – Denise Appleby
Important Links & Mentions:
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Resources:
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