A 10% penalty tax generally applies to distributions from an employer retirement plan or individual retirement account (IRA) before age 59½ unless an exception applies. Due to the coronavirus pandemic, the penalty tax will not apply to up to $100,000 of coronavirus-related distributions to an individual during 2020.
The January 2020 edition of Fairman Group Perspectives highlights the retirement plan changes, Medicare costs, and college costs and trends.
While there are several positive outcomes to the SECURE Act, such as being able to contribute to an IRA beyond age 70 ½ and increasing the Required Minimum Distribution (RMD) age to 72, there is also a potentially negative outcome regarding inherited IRAs.
Medicare premiums, deductibles, and coinsurance amounts change annually. Here’s a look at some of the costs that will apply in 2020 if you’re enrolled in Original Medicare Part A and Part B. People with higher incomes may pay more than the standard premium, as shown in this table.
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