Haven’t Filed Form 5500? 150,000 Reasons Why You Should!
If you haven’t filed Form 5500 for your Solo 401(k) yet, you could face severe penalties. There is a relief program for those who miss the deadline.
Reversing an RMD for 2020 Due to CARES Act
Guidance released by the IRS on June 23, 2020 will allow the reversing of an RMD for anyone that previously took one in 2020. The CARES Act waived all RMDs due for 2020.
Borrow From a 401(k) – CARES ACT
On March 27, 2020, the President signed the $2 trillion stimulus package called the CARES Act – the Coronavirus Aid, Relief, and Economic Security Act. The primary purpose of the Act is that boosts unemployment insurance payouts and aims to send relief checks to many Americans. The CARES Act included many important retirement related provisions that […]
RMDs in 2020 – Should You Take It?
The CARES Act eliminated Required Minimum Deductions for 2020. But there may be reasons why you still need to take them. You can.
Small Business Owners 401(k) Options During a Crisis – Episode 224
IRA Financial’s Adam Bergman discusses the options small business owners have with their 401(k) plans during the current financial crisis.
No RMDs for 2020 – What You Need to Know
No RMDs are required for 2020 thanks to the CARES Act. Required distributions, normally due once you reach age 72, are waived until next year.
Your IRA and the CARES Act – Episode 223
IRA Financial’s Adam Bergman talks about your IRA and the CARES Act, including IRA contributions, distributions and RMDs.
Tapping Your 401(k) Plan During a Crisis
As the coronavirus pandemic threatens financial markets and sends the U.S. economy into a potential recession, many small businesses and entrepreneurs are finding themselves in a liquidity crunch. Cash is now become king. Whether the cash is needed to pay employees, rent, mortgage payments, or even food, getting access to quick cash has become paramount. […]
Stretch IRA is Dead – Here’s a Workaround
The Stretch IRA is dead, but here’s a workaround that keeps the original “stretch” concept intact, although not the tax benefits.
New RMD Rule – What You Need to Know
Key Points The SECURE Act has changed the RMD age from 70 1/2 to age 72. If you turn age 72 on January 1, 2021, you have until April 1, 2022 to make your first distribution. If you turned 70 after June 30, 2019, you do not need to start withdrawing this year. As you […]
