Sun City Anthem

Wednesday, January 1, 2020

Nevada's Newest Laws


Nevada's New Laws
Effective January 1, 2020
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1 comment:

  1. From Peter Brown...to...Anthem Opinions

    At the last moment in December Congress passed legislation to keep the Government open; Tacked on to this was the Secure Act (Setting Every Community up for Retirement Enhancement).

    Specifically it may have implications to many that reside in SCA. 

    ***Starting January 1, 2020 the RMD (Required Minimum Distribution) from your IRA's and other vehicles are no longer required at 70 1/2; the RMD will now be required when you reach the age of 72; also no longer will there be the 1/2 year issue.

    ***Previously when you reached the age of 70 1/2 you could no longer contribute to an IRA, even if you had "earned income.Now you can contribute as long as you have earned income regardless of your age.

    ***The Qualified Charitable Distribution Rule does not change.

    ***"The Stretch" provision for a Non-spouse beneficiary is reduced to a 10 year period from a lifetime distribution.

    *** There are several other changes regarding 401K; Plans for small businesses and others, however the items noted above are most likely to impact the SCA community.

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