By Sandra Block From Kiplinger’s Personal Finance The Internal Revenue Service (IRS) recently offered new guidance to adults who inherited an Individual Retirement Account (IRA) from someone other than a spouse. Here’s what you need to know to avoid a stiff penalty. First, a bit of history. Under the Setting Every Community Up for Retirement…

By Elliot Raphaelson From Tribune Content Agency The IRS has issued additional guidelines regarding the reporting of Required Minimum Distributions (RMDs) for beneficiaries under the SECURE Act of 2019. One of the most important provisions of that law raised the minimum age for RMDs from 70 1/2 years of age to 72 years of age….

By Lisa Gerstner From Kiplinger’s Personal Finance Many workers aren’t ready to retire at the traditional retirement age of 65 and instead continue working into their 70s. While they can postpone retirement, they can’t entirely delay taking Required Minimum Distributions (RMDs) from tax-deferred retirement accounts. If you’re working into your 70s, here’s what you need…

The type of retirement fund you have can seriously affect the amount of money your beneficiaries will receive. With certain types, they could lose a lot of money to taxes because of laws about 401(k)s and other plans. Some simple changes to the type of your retirement account can enable your heirs to avoid a…

By Elliot Raphaelson Q: I recently inherited a traditional IRA from my deceased mother, who was 76 and had been taking RMDs each year. Based on everything I had read, I thought that I did not have to take any required distributions (RMDs) in years one through nine, but I would be required under the 10-year…