July 2, 2020

July Newsletter

Here are your Articles for July 2, 2020.

Keep Economic Impact Payment notice with other tax records
People who receive an Economic Impact Payment this year should keep Notice 1444, Your Economic Impact Payment, with their tax records. This notice provides information about the amount of their payment, how the payment was made and how to report any payment that wasn’t received.

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IRS provides RMD rollover extensions
All taxpayers who have taken a required minimum distribution (RMD) in 2020 (including those taken in January and February), from an eligible retirement account, now have the opportunity to roll those funds back into a retirement account by August 31, 2020. (IRS Notice 2020-51)

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Definition of coronavirus-related retirement distributions expanded
The CARES Act provided taxpayers with the option to take penalty-free coronavirus-related withdrawals of retirement funds of up to $100,000 in the aggregate between January 1, 2020, and December 31, 2020. However, not all taxpayers qualify to take these penalty-free distributions.

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Look before you leap into a 529 plan
Parents often wonder how to pay for college as soon as their baby arrives. To prepare for this daunting expense, some families want to start saving early for higher education. One savings option, referred to as a 529 plan after Sec. 529 of the Code, has become increasingly popular. In 2018, the total investments in 529 plans topped $328 billion (see “College 529 Savings Plan Balances Hit an All-Time High,” by Jessica Dickler, CNBC, Sept. 25, 2018).

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COVID-19 Crisis May Affect Tax Angles for Rental Property Losses
The economic fallout from the COVID-19 crisis increases the odds that rental properties will incur losses in 2020 — and possibly beyond. Fortunately, special tax relief provisions may soften the blow. Here’s an overview of critical tax rules that apply to rental properties.

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Five Reasons You May Still Need Life Insurance After Retirement
As major events occur in your life, you should take time to reconsider your insurance. Obviously, you need a different level of life insurance while you’re raising children than when you’re a retired empty nester. But does that mean you no longer need life insurance at all? Read on for the answer.

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When a Spouse Inherits an IRA
Spouses have more flexibility than other heirs when inheriting individual retirement accounts. The tax rules, however, are complex and spouses need to carefully evaluate their options soon after inheritance. Here are the basic rules to keep in mind.

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Should Your Company Join the Roth 401(k) Trend?
Roth 401(k) plans have been around for awhile but they have not caught on with the majority of employers or employees. However, the tide may be turning as Uncle Sam now makes a Roth retirement plan available to civilian federal employees and members of the uniformed services. Is a Roth 401(k) a good option for your employees? This article gives a rundown of the plans.

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