SECURE Act Benefits
We’re here today to talk about the SECURE Act. The SECURE Act actually has some nice benefits for tax payers. One of the things it did is if you are seventy and a half after 2019, you can wait until your 72 to start your required minimum distributions. Of course you can take money out before that, but it allows you the opportunity to delay if you so choose. That way we don’t have to worry about half rules anymore, so that’s nice that they did that for us.
The second thing that happens, is inherited IRA rules were always very complicated. Well they actually simplified the rules. So, yes you can move money to a surviving spouse and they can file under their own life expectancy, but for most people they just made it simple. You just have to take the funds out sometime over the next ten years. You can wait until year ten, you can take it all in year one, you can take some out in years one, two and three and the rest in year eight. Your choice. Anytime over that ten year time span. At least they made the rules simpler and easier to comply with and that’s a good thing in tax law.
Have questions about how the SECURE Act impacts you? Contact JAK.