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Tax insights Year-End Tax Law Impacts Every Taxpayer With an IRA or Other Retirement Account
Jan 08, 2020
- The recently passed Setting Every Community Up for Retirement Enhancement Act (SECURE Act) meaningfully impacts IRAs and other retirement accounts.
- Among the many significant changes are a fundamentally revised “stretch” distribution period for inherited IRAs and other retirement accounts, an increase in the required minimum distribution age for IRAs and other retirement accounts, the repeal of age limitations for IRA contributions, and the implementation of a single excise tax rate for private foundations.
- It’s important to review the potential impact of these major new tax provisions on your retirement accounts as soon as possible — particularly if you have significant retirement account balances.