How to gain more from operational risk management practices.
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SECURE Act changing the IRA rules
With the signing of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), many of the longstanding rules for IRAs and other retirement accounts have been radically changed. Starting with tax year 2020—
- The maximum age (70½) for IRA contributions has been eliminated.
- The age at which required minimum distributions must begin has been pushed up from 70½ to 72.
- Inherited IRAs (except those inherited by the decedent's spouse and certain other individuals) will have to be distributed within 10 years.
Those are just the changes you have probably already heard about. Deborah Crawford will present a special ONE-HOUR BOL Learning Connect webinar on January 24 that will cover the SECURE Act changes that will affect your bank's IRA program starting with the 2020 tax year.