SECURE Act resource center

On September 2, 2020 the IRS released Notice 2020-68 which provides guidance in the form of questions and answers with respect to certain provisions of the SECURE Act of 2019 and the Bipartisan American Miners Act of 2019. Specifically, this notice addresses many of the IRA related provisions.

In many cases, regulations or a governmental agency like the Internal Revenue Service
can require amendments are sent to account owners.

Is your financial organization familiar with the changes the SECURE Act has made to the rules applicable to certain IRA beneficiaries? Diana Theis, Senior Specialized Consultant at Wolters Kluwer, provides a general overview.

On October 26, 2020 the Internal Revenue Service announced retirement plan related cost-of-living adjustments (COLAs) for 2021. Though some figures including the $6,000 regular contribution limit for traditional and Roth IRAs will remain the same, certain income thresholds that determine traditional IRA deductibility, Roth IRA eligibility, and saver’s tax credit eligibility will slightly increase.

Randy Heidmann, Senior Specialized Consultant, Tax Advantaged Accounts, at Wolters Kluwer summarizes some of the more significant changes the SECURE Act has made to IRAs.