A little bit of tax relief

For those of you who were facing the requirement to make your first RMD (required minimum distribution) withdrawal from your retirement account in 2020 please be aware that the law changed in December.

Evidently now if you had not reached the age of 70 1/2 before December 31, 2019 the new age trigger will be 72 years old.  This lets you keep the money working for you an extra year and one half.  If you were 70 1/2 years old before January 1, 2020 the law stays the same.

The new law also allows people over 70 1/2 to continue making contributions to their retirement accounts as long as they have “earned” (payroll) income.

Contact your tax adviser to see if this applies to you.

We deserve better

Brutus

16 Responses to A little bit of tax relief

  1. Like

  2. Rico Suave says:

    Finally a little good news!
    TNKS
    RS

    Like

  3. Anonymous says:

    You can resolve your issues by going to vote. Have a nice day😉

    Like

  4. It is good to see the Resistance is alive and well, Antifa Comrades!

    It will serve this country well to finally have a just and equitable resolution that works for all.

    Vote Democrat as if your life depends on it.

    Like

  5. Nancy Pelosi says:

    If I could go back in time, to before the beginning of World War II, I would. I would also go back to last week.

    I would go back in time to make sure that Donald Trump did not kill Adolph Hitler or Qasem Soleimani.

    Donald Trump is the real threat to our world and he needs to be stopped.

    Vote DEMOCRAT! Your country needs you!

    Like

  6. Enough Already says:

    Based on a lot of the recent comments, a few of you are ruining this blog for the rest of us.

    Like

    • Anonymous says:

      Because other people’s opinions are unimportant or otherwise differs from your own…

      If the point of the blog is discourse I would say it is working.

      If, however, the point is to gather like minded people who all think and say the same things…

      Like

    • I agree completely! Some of these people need to be maced in the face and beaten with steel pipes for saying things we don’t like!

      Like

      • Paleocrat says:

        And we need to start teaching Affirmative Action math to our students, especially women who aren’t equipped for rational thought. They’ll do much better in the new soft-math.

        Like

  7. Paleocrat says:

    And we need to start teaching Affirmative Action math to our students, especially women who aren’t equipped for rational thought. They’ll do much better in the new soft-math.

    Like

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