The SECURE legislation—which stands for “Setting Every Community Up for Retirement Enhancement”—puts into place numerous provisions intended to strengthen retirement security across the country. Originally passed by the House in July and approved by the Senate on Dec.19, 2019 as part of an end-of-year appropriations act and accompanying tax measure, it was signed into law on Dec. 20 by Donald Trump. The new law took effect Jan. 1, 2020 and changes some rules about retirement savings. Here’s what’s changing: (Impact Capital)
If you are over 72, you are required to take distributions from your IRA. Those distributions are taxed at your ordinary income tax rate. There is one way to avoid taxes on these distributions: give it to charity. (Impact Capital)
Trapped by Capital Gains?
Opportunity Zone Funds Provide a Way Out.
Investing in funds to fix up a troubled neighborhood can do some good for the area in question and for your own tax situation. (Kiplinger’s Personal Finance)
It may have been quite the decade for the U.S. exchange-traded fund market, but the next one could see its assets surge tenfold to $50 trillion, Bank of America predicted. (CNBC.com)
Clearly, most donations are motivated by a lot more than tax savings. But there’s no reason not to maximize your tax benefits from being charitable and to do that, under the new law, takes some planning. (Forbes)