The October 15th Deadline Is Near

REMINDER: The October 15th tax-filing extension deadline is near! In light of the looming deadline, the IRS issued a notice encouraging taxpayers to double check their tax returns for errors. Of course, some taxpayers, such as members of the military and those serving in combat zones, may have additional time to file and pay any taxes due.

Here are some deductions and credits that, according to the IRS, are often overlooked:

o Benefits for low-and moderate-income workers and families, especially the Earned Income Tax Credit.
o Savers credit for low-and moderate-income workers who contributed to a retirement plan, such as an IRA or 401(k).
o American Opportunity Tax Credit and other education tax benefits for parents and college students.
o Same-sex couples, legally married in jurisdictions that recognize their marriages, are now treated as married, regardless of where they live. This means that they generally must file their returns using either the married filing jointly or married filing separately filing status.


More Updates


For trusts that inherited an IRA in 2019, an important deadline is approaching. The due date to provide required trust documentation to the IRA custodian to ensure that the longest payout period possible is available for the inherited IRA is October 31, 2020. Generally, only individuals who are named on an IRA beneficiary form can

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The coronavirus-related distribution (CRD) rules for Roth conversions have a gaping hole. An “affected person” (as we have defined in previous blogs), is entitled under the CARES Act to withdraw up to $100,000 from their IRA or workplace retirement plan. A CRD avoids the 10% early distribution penalty for those under 59 1/2, can be

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Rolling Over an RMD

Like most people’s lives, the retirement world is upside down. This is made evident by a single statement: “Required minimum distributions (RMDs) can be rolled over.” Yes, that is the new normal—at least for this year. RMDs are considered the first money out of an IRA and workplace plan. Typically, these dollars are ineligible to

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