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DWC ERISA Consultants LLC
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Distributions Processor - Qualified Retirement Plans Anchor 3(16) Fiduciary Solutions, LLC
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Defined Benefit Specialist II or III Nova 401(k) Associates
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BPAS
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July Business Services
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Search the News Archive
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5 Matching News Items |
| 1. |
Legacy Professionals LLP
Dec. 9, 2025
"Taking no more than your RMD generally is advantageous because of tax-deferred compounding. But a larger distribution in a year your tax bracket is low may save tax. Be sure, however, to consider the lost future tax-deferred growth and, if applicable, whether the distribution could: [1] cause Social Security payments to become taxable, [2] increase income-based Medicare premiums and prescription drug charges, or [3] reduce or eliminate the benefits of other tax breaks with income-based limits, such as the new $6,000 deduction for seniors."
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| 2. |
Legacy Professionals LLP
Apr. 28, 2024
"[T]he succession of IRS waivers means that designated beneficiaries who inherited IRAs or defined contributions plans after 2019 aren't required to take annual RMDs until at least 2025. But some individuals may be better off beginning to take withdrawals now, rather than deferring them.... [M]any provisions of the Tax Cuts and Jobs Act, including reduced individual income tax rates, are scheduled to sunset after 2025. The highest rate will increase from 37% to 39.6%, absent congressional action."
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| 3. |
Legacy Professionals LLP
July 31, 2023
"[T]he IRS previously waived enforcement against taxpayers subject to the 10-year rule who missed 2021 and 2022 RMDs if the plan participant died in 2020 on or after the RBD. It also excused missed 2022 RMDs if the participant died in 2021 on or after the RBD. The latest guidance extends that relief by excusing 2023 missed RMDs if the participant died in 2020, 2021 or 2022 on or after the RBD."
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| 4. |
Legacy Professionals LLP
Mar. 30, 2023
"[C]hanges, which apply beginning with 2023 plan year reports ... include: [1] A consolidated Form 5500 reporting option for certain groups of defined contribution retirement plans.... [2] A change in the participant-counting methodology for determining eligibility for simplified reporting alternatives available to small defined contribution plans ... [3] Additional breakout categories added to Schedule H breakout of 'Administrative Expenses Paid by the Plan.' ... [4] The addition of selected Internal Revenue Code compliance questions[.]"
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| 5. |
Legacy Professionals LLP
Jan. 31, 2023
"Most retirement plan distributions are subject to income tax and may be subject to an additional penalty if you take an early withdrawal.... Fortunately, there are several ways that the penalty tax (but not the regular income tax) can be avoided.... As the taxpayer in one new court case found, if you don't meet the requirements, you'll be forced to pay the penalty.' [Lucas v. Comm"r, No. 2808-20 (T.C. Memo 2023-9 Jan. 17, 2023)]
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