RMDs are now 72 not 70.5
#1
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Joined APC: Mar 2015
Position: stake holder ir.delta.com
Posts: 9,988
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 SECURE act changes RMDs, contributions age limit repealed for IRAs, and 529s can be used to repay student loans.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
https://www.forbes.com/sites/forbesf.../#658960813cb4
#2
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Joined APC: May 2015
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Posts: 2,959
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 SECURE act changes RMDs, contributions age limit repealed for IRAs, and 529s can be used to repay student loans.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
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.
#3
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Joined APC: Sep 2014
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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.
#4
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Joined APC: Apr 2018
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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.
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.
#5
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Joined APC: Dec 2006
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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.
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.
#6
And wealthy Americans are always going to pay less taxes. Taxes are for those stuck making a salary and don't employ anyone. Wealthy people pay themselves $1 salaries for a reason.
#7
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Joined APC: May 2015
Position: Power top
Posts: 2,959
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.
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?
#8
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Joined APC: Apr 2014
Posts: 1,098
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.
#9
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Joined APC: Jul 2010
Position: window seat
Posts: 12,522
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.
#10
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Joined APC: Dec 2008
Position: NYC ER
Posts: 468
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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