Under the CARES Act, You May Be Eligible To Withdraw Up to $100k From Your IRA Without Penalty and “Maybe” Without Tax

Q. I hear that under the CARES Act, my wife and I may each be able to withdraw up to $100K from our IRA’s without penalty and without tax. Is that true? A. Well, not quite. Here’s the deal: Under the recently passed Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), Congress did recently… Read More »

Free Tax Filing Help Is Available to Seniors

Q. It’s tax time again and I hear that the IRS may offer free tax preparation services to seniors. Do you know anything about this? A. Yes. The IRS offers information on its site about free tax preparation software, fillable forms, and free taxpayer assistance, all available in an effort to make tax compliance easier,… Read More »

New Law Makes Big Changes to IRA’s & Other Retirement Plans

Q. I heard that there is a new law which makes major changes to IRA’s and other retirement plans. Can you comment? A. The new law, signed by President Trump on December 20, 2019, and effective January 1, 2020, is called the “SETTING EVERY COMMUNITY UP for RETIREMENT ENHANCEMENT ACT”, or the “SECURE ACT” for… Read More »