The resources have been reviewed and updated for 2020 including the new SECURE Act rules! We have addressed three kinds of changes:
Annual Limits:
The resources have been updated to reflect the 2020 Annual limits since mid-December. For a summary of the new numbers, reference our Important Numbers Resource (which can also be white-labeled if you are a Deluxe Member). If you want to see a list of all the 2020 resources, you can visit our Updated for 2020 category.
SECURE Act Changes:
What seemed like at the last minute, The SECURE Act was passed! It resulted in a lot of changes to how advisors will plan for their clients going forward. A lot of the strategies have yet to be identified or are still being analyzed. We have reviewed each resource to make sure the major changes from the SECURE Act are reflected in the resources. To easily view which resources have been affected by The SECURE Act (and updated accordingly), we have created a separate category. As new planning strategies emerge, we will continue to refine and update these resources (and of course, notify members).
Member Feedback:
We made lots of improvements to the resources based on member feedback. Some were small points to clarify the rules. Other times, we made larger changes. For example, in the “Can I Make A Mega Backdoor Roth IRA Contribution?” flowchart, we added an additional decision point to help the advisor and client understand their options if the client has lots of gains in their non-Roth, after-tax account (or just want to minimize tax liabilities) when rolling contributions and gains into a Roth IRA (or putting contributions into the Roth and gains into an IRA).
There are still a few resources in the works:
Can I Delay The RMD From The Traditional IRA I Inherited? and Should I Inherit My Deceased Spouse’s IRA?: These flowcharts most likely need to be revamped entirely. This will take some time before we update these resources. We, like everyone else, are learning how these new rules impact clients and the strategies that can be implemented to help clients. The conversation changes entirely. We will send out an announcement once they have been updated.
Analyzing a Tax Return (Working & Retired): This is in the process of being updated to assist with analyzing a 2019 tax return right now and should be completed by the end of the month.
Roth IRA Distribution Rules: We are in the process of revamping this one entirely for 2020 to be more clear and address a few additional nuances to the distribution rules. The previous versions had some unclear logic that created some confusion.
