Introductory Guide to the IRA Distribution Rules Under the Secure Act, and Supplement Making Some Sense of the Proposed Regulations

The Guide, written in clear, concise language with multiple examples, is designed to help attorneys advise their clients on the major changes the Secure Act made regarding retirement distribution rules.

Not only will the Guide assist attorneys in counseling their clients, but it will also help them with their own retirement planning!!!
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TABLE OF CONTENTS

Click below to view the Table of Contents to the Supplement discussing the Proposed Rules

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About The Guide
The Guide discusses changes the Secure Act made regarding retirement distribution rules. Included is the application of new retirement distribution rules through multiple examples and articles that discuss the following topics:

(1) Non-Compliant Trusts and Circular 230 issues

(2) To Track SECURE, Consider an IRA Trust

(3) IRA Trust Instructions

(4) Customized Sample Beneficiary Forms

(5) Advantages of Trusts as IRA beneficiary

(6) Disadvantages of Trusts as IRA beneficiary

(7) Common Errors in Retirement Distribution Planning 

(8) Why Many Beneficiary Forms are Defective

Sample Topics Discussed

These and more topics are discussed in the Guide
Changes in the Retirement Distribution Rules under the Secure Act
Lifetime rules not changed under the Secure Act
Change in Required Beginning Date and effective date of change
Repeal of maximum age for making traditional IRA contributions
Designated beneficiary rules discussed
Eligible designated beneficiary rules discussed
Transition rules discussed when IRA owner dies prior to January 1, 2020 having a designated beneficiary of his/her IRA account
Change in effective date for required minimum distributions
Violation of 5-year rule and 50% penalty
Application of 10-year rule if IRA owner has a designated beneficiary with examples
Application of distribution rules for child who has not attained majority with examples
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Learn the Answers to 40 Scenarios

Answers also include the author's notes

Example 1

Assume that Jack is age 75 in 2020 and has earned income of $40,000 in 2020.
Question: May Jack make a deductible contribution to his traditional IRA for the 2020 tax year?

Example 3

Assume that Mary, an IRA owner, for whatever reason, selected her estate as the beneficiary of her IRA account. Also assume that Mary died before her required beginning date on June 1, 2020 at age 68.
Question: By what outside date must Mary’s estate receive the proceeds of Mary’s IRA?

Example 5

Assume the facts in Example 3 including the question and answer.
Question: What happens if Mary’s deceased IRA account is not paid out in full by December 31, 2026?

Example 8.4

Assume that Harry, an IRA owner, passed away before his required beginning date on July 15, 2020 at age 69. The beneficiary of Harry’s IRA is Harry’s estate.
Question: By what date must Harry’s estate receive Harry’s deceased IRA account balance to avoid IRS sanctions?
About The Author
- Seymour Goldberg -
SEYMOUR GOLDBERG, CPA, MBA, JD, is a senior partner in the law firm of Goldberg & Goldberg, P.C., Melville, New York. Professor Emeritus of Law and Taxation at Long Island University. Former Director of the Tax Institute of the C.W. Post Campus of Long Island University.

Authored 4 manuals for the American Bar Association on IRAs and on Trusts as well as for other organizations such as the AICPA on the IRA Distribution Rules. 

Mr. Goldberg handles probate matters, tax disputes with the IRS and the IRS appeals office, IRA penalty waivers and New York State Department of Taxation tax disputes. Represents clients in IRS ruling requests (over 75). Wrote an amicus brief in the 2014 inherited IRA Supreme Court Case, Clark v. Rameker.

His manuals for the American Bar Association can be found in well over 100 law school libraries throughout the United States. He is a member of the Relations with the IRS Committee of the New York State Society of Certified Public Accountants. He was formerly associated with the Internal Revenue Service.

Mr. Goldberg has been quoted in the New York Times, Forbes, Fortune, Money Magazine, U.S. News & World Report, Business Week and the Wall Street Journal. He has also been interviewed on CNN, CNBC and WCBS.
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