SECURE Act resource center

The deadline to complete a rollover of a qualified retirement plan or individual retirement account distribution is generally the 60th day after the date of distribution receipt. However, the 60-day rollover period is extended under certain circumstances, including a provision introduced by the Tax Cuts and Jobs Act.

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.