Congress Just Passed the Biggest Bill in a Decade – The SECURE Act: 7 Things You Need to Know

On December 19th, the Senate passed the most sweeping retirement bill since the Pension Protection Act of 2006. The SECURE Act, whose progress had stalled until lawmakers tacked it onto a spending bill to keep the country running, aims to make saving easier amongst a bevy of changing rules. The House already passed the legislation, and President Donald Trump is expected to sign the bill into law. So, how does that impact you, your money, and how you will be able to save money for the future?  Does it mean you will pay more taxes?  Here are seven things you need to know about the Secure Act. (some excerpts are from Yahoo Finance) SECURE Act #1:  RMD’s Are Changing Starting January 1, 2020, the new bill pushes the age at which you need to start withdrawing money from your traditional retirement accounts from age 70½ to age 72. These required minimum distributions, as they’re called, are Uncle Sam’s way of ...

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How Long Can I Carry Forward My Capital Gain Losses?

We are almost two-thirds done with 2013 and some of you haven’t even completed your tax returns.  For those of you who filed and finished your tax returns in April, most of that paperwork is neatly tucked away in your home filing cabinet.   Since the stock market has run up over the past year most investors have made gains in their stock and stock mutual fund positions.   However, the majority of tax payers never look at their capital losses from prior years to do effective tax planning.  So just how long can you carry forward your capital gain losses? First, you should be aware that you can sponge up capital gains year to year against any capital losses or carry forward losses that you have on your tax return.   This means if you have a carry forward loss of $30,000 from a prior year and had $30,000 of long-term capital gains here in 2013, you would essentially have a wash.   ...

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Unemployment Extension: F.A.Q.’s

So here are answers to some of the most frequently asked questions about the Unemployment extension: Q. Who’s eligible for extended unemployment benefits? A. Unemployment benefits will be extended by 14 weeks to all people in all 50 states without a job. Benefits will be extended for an additional six weeks to those in about 26 states where the unemployment rate exceeds 8.5 percent. Q. Who will be helped by the unemployment extensions? A. The extensions are aimed at people who have been out of work for a long time, or about a year to a year and a half, according to Andrew Stettner, deputy director of the National Employment Law Project. “This was really a stopgap measure to address the fact that a large number of people were running out of the extensions before Dec. 31,” Mr. Stettner said. “People who have been out of work since July of this year are not going to get any extensions. People ...

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