As the year turned from 2019 to 2020, there stealthily rolled in several of the most sweeping reforms to retirement and tax legislation in a decade or so (outside of the 2017 Tax Cuts and Jobs Act, or TCJA). The recent changes apply to IRA, 401k and other retirement savings accounts. If any of these apply to you then please read on:
- Inherited IRA
- Turning 70½ this or next year
- Own a business with or proposing a 401k plan
- Working for a small company and do not have access to a 401k plan
- Need an early distribution for reasons of qualified birth or adoption
