Page 45 - Ed Slott News Today : Breaking News, Live Updates & Top Stories | Vimarsana

This is an updated version of an article that originally published on June 3, 2019. Although the tax laws related to charitable giving have changed a bit in recent years, one strategy for gaining a tax benefit from charitable giving remains more attractive than ever: the qualified charitable distribution, or QCD.  The QCD, which allows investors older than age 70.5 to donate up to $100,000 from their IRAs into charity each year and exclude the contribution from income, became a permanent part of the tax code in 2015. The benefits of the QCD really came to the fore in 2018, however, as the n...

Biden's proposal to eliminate the step-up in basis at death went further than expected Andy Friedman says.

This Expert Says the IRS Made a Mistake: Could It Affect Your IRA? This Expert Says the IRS Made a Mistake: Could It Affect Your IRA? A well-known retirement savings expert says he is "100% convinced" the IRS made an error that the agency soon will need to correct. Photo by Rainer Fuhrmann / Shutterstock.com A retirement savings expert says he is “100% convinced” the IRS made a mistake and will have to correct it soon. Ed Slott, a well-respected IRA distribution expert, says IRS guidance issued in March likely mischaracterized how those who inherit an IRA are required to pay taxes on the ...

What You Need to Know Secure 2.0 increases the RMD age to 73 starting on Jan. 1, 2022, to 74 starting on Jan. 1, 2029, and to 75 starting on Jan. 1, 2032. According to IRS data, 80% of people who take the RMD amount or more do so because they need the money, says retirement expert Ed Slott. The Federal Reserve says the average 64-74 year old has $358,000 saved for retirement, with the median amount at $126,000. The House Ways and Means Committee’s recent passage of the Securing a Strong Retirement Act of 2021, dubbed the Secure Act 2.0, has spurred rounds of applause in the retirement pl...

Taylor Tepper - Forbes Advisor President Joe Biden campaigned on a promise not to raise taxes on middle-class Americans. But a little-known provision in his big social programs bill could do just that. Tucked away in the American Families Plan, is a proposal to change the way capital gains taxes are paid on estates when people pass away. This seemingly small revision to a tax rule called stepped up basis could cause average Americans to pay more to Uncle Sam than they would under the current tax regime, in addition to upending estate planning for the nation’s affluent and ube...