RMDs are now 72 not 70.5
Fidelity has an article on our 401k site. SECURE act changes RMDs, contributions age limit repealed for IRAs, and 529s can be used to repay student loans.
https://www.forbes.com/sites/forbesf.../#658960813cb4 |
Originally Posted by notEnuf
(Post 2984131)
Fidelity has an article on our 401k site. SECURE act changes RMDs, contributions age limit repealed for IRAs, and 529s can be used to repay student loans.
https://www.forbes.com/sites/forbesf.../#658960813cb4 Another big change, your kids have 10 years to "drain" their inherited IRA. Huge tax consequences for them. Thanks Congress. |
Originally Posted by Hank Kingsley
(Post 2984145)
Another big change, your kids have 10 years to "drain" their inherited IRA. Huge tax consequences for them. Thanks Congress.
To clarify, minor kids' 10-year clock doesn't start running until they hit 18, spouses aren't affected, and most sibling benefactors aren't affected either. |
Originally Posted by TED74
(Post 2984160)
Yup, more taxes on middle America. This provision is estimated to generate $15B in revenue. That'll pay for about 750 miles of wall... isn't that what "we wanted"? Luckily the top 400 Americans are paying a lower tax rate than the middle class for the first time in our nation's history.
To clarify, minor kids' 10-year clock doesn't start running until they hit 18, spouses aren't affected, and most sibling benefactors aren't affected either. Secondly, this is another reason why the Roth IRA is so useful. |
Originally Posted by TED74
(Post 2984160)
Yup, more taxes on middle America. This provision is estimated to generate $15B in revenue. That'll pay for about 750 miles of wall... isn't that what "we wanted"? Luckily the top 400 Americans are paying a lower tax rate than the middle class for the first time in our nation's history.
To clarify, minor kids' 10-year clock doesn't start running until they hit 18, spouses aren't affected, and most sibling benefactors aren't affected either. |
Originally Posted by Baradium
(Post 2984174)
Two things, first the tax write-offs have existed for a very long time, so this isn't true. Second, you are not considered middle class by politicians if you are at a major airline or a CA at most regionals.
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Originally Posted by TED74
(Post 2984160)
Yup, more taxes on middle America. This provision is estimated to generate $15B in revenue. That'll pay for about 750 miles of wall... isn't that what "we wanted"? Luckily the top 400 Americans are paying a lower tax rate than the middle class for the first time in our nation's history.
To clarify, minor kids' 10-year clock doesn't start running until they hit 18, spouses aren't affected, and most sibling benefactors aren't affected either. Why did Willie Sutton rob banks? |
I predict in the near future that they raise taxes on 401k withdrawals based on how much you have in your 401k or based on how much you withdraw. I see no way to avoid this with the huge debt problem in the USA. Go after people who have money in order to pay off some debt...In other words, punish responsible people who have saved money.
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Originally Posted by 3 green
(Post 2984379)
I predict in the near future that they raise taxes on 401k withdrawals based on how much you have in your 401k or based on how much you withdraw. I see no way to avoid this with the huge debt problem in the USA. Go after people who have money in order to pay off some debt...In other words, punish responsible people who have saved money.
Good to see them expanding the 529 scam though. Big Ed has probably already started raising prices more than the savvy savings like they always do. Suckers born every minute and all that. |
Originally Posted by 3 green
(Post 2984379)
I predict in the near future that they raise taxes on 401k withdrawals based on how much you have in your 401k or based on how much you withdraw. I see no way to avoid this with the huge debt problem in the USA. Go after people who have money in order to pay off some debt...In other words, punish responsible people who have saved money.
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