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If you qualify, you could serve a three-year term on the Taxpayer Advocacy Panel, a federal advisory committee to the IRS made up of about 75 citizen volunteers.
Another IRS update on the 10-year rule
The agency says it s revising Publication 590-B, which caused the confusion about the 10-year rule on required minimum distributions under the SECURE Act.
May 17, 2021 3 MINS
This is my third update on the confusion about the 10-year rule on required minimum distributions under the SECURE Act, and it won’t be the last.
Last Thursday, the IRS acknowledged that IRS Publication 590-B, which contains the tax rules for withdrawing funds from IRAs, is being revised, likely to fix the error I wrote about twice before here, in
The confusion relates to how the 10-year rule works. The original publication, released by the IRS on March 25, included this example on Page 12:
Allworth Advice: Can you still contribute to an IRA in your 70s?
Steve Sprovach and Amy Wagner
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Question: Clyde in Oxford: I just turned 71 and work part time so I have some extra “fun money.” Even though I’m older than 70 ½, can I still continue to contribute to an IRA? And will I get a tax break?
A: The answer to the first part of your question is ‘yes’ thanks to the 2019 SECURE Act. Prior to this law’s passage, anyone age 70 ½ or older could not contribute to a traditional IRA (since this was the age Required Minimum Distributions, or RMDs, kicked-in). However, the SECURE Act not only bumped up the start age of RMDs to 72, it also now allows anyone who is 72 or older to continue contributing to an IRA – as long as they have ‘earned income.’
Both newer and older employees would benefit from several provisions in the Securing a Strong Retirement Act. Author: Gordon Severson Updated: 8:44 PM CDT May 11, 2021
MINNESOTA, USA Many experts would argue there is a growing retirement gap in this country.
Some Americans have been able to save millions of dollars during their careers and carry the freedom to retire whenever they want.
Others, not so much. In general, Americans aren t great savers when it comes to retirement,” retirement plan manager Meghan Hannon says.
Hannon sees a lot of retirement accounts through her work at the Boulay financial group.
She says accounts come in all shapes and sizes, and she understands why some workers decide to hold off on contributing to their retirement account.