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► IRS Announces 2020 Benefits Limits

The IRS has announced cost-of-living adjustments for various limits on retirement plans and other benefits limits for 2020.

The IRS has also proposed regulations to lengthen the distribution periods for required minimum distributions (RMDs) that apply to individuals older than 70½ with retirement plans and IRAs. The proposed regulations are based on longer life expectancies.

The key limits listed below are found in IRS Notice 2019-19 and Revenue Procedures 2019-25 and 2019-44:



As proposed, the longer distribution periods would apply for distribution years beginning January 2021. Make sure you follow the current rules for distributions to individuals subject to RMD rules that must be made each year by the December 31 deadline.

By Maggie Platzer.  Ms. Platzer is an attorney with Dinse, Knapp & McAndrew, P.C., in Burlington, Vermont.

[1/2020]

 

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