Good morning. Schwab’s recent article reports on six things we should know about the SECURE Act:
- RMDs start at age 72 now, not 70.5, but only for those who turn 72 on 1/1/2020 or later
- Traditional IRA contribution can be made after age 70.5, if you’re still working
- Qualified Charitable Distributions are allowed still at age 70.5
- Inherited IRA rules have changed—if you have one, check with your tax pro to see if the changes affect you or if you are grandfathered in to old rules
- Penalty-free (but not tax-free) withdrawals for birth/adoption expenses are now allowed
- 529 education savings plans can be tapped to pay student loans, up to $10k per person
Click here for the article. Contact me with any questions about your financial planning or investments, or if you need referral to a great tax, insurance, or legal professional.
Thank you.
--Gary
Garo Linck Partoyan
Potomac Wealth Strategies, LLC
1800 Diagonal Road, Suite 600
Alexandria, Virginia 22314
Garo.Partoyan@PotomacWealthStrategies.com
(703) 746-8195 phone
(855) 347-9483 fax