2016R1 PlanLab Web Enhancements



Contents TOC \o "1-3" \h \z \u Updated Social Security and Estate Tax exemption values, and qualified plan limits for 2020 PAGEREF _Toc30078512 \h 2Understanding IRAs, Roth IRAs, Conversions Resource Page PAGEREF _Toc30078513 \h 2Problems of 6166 Resource Page PAGEREF _Toc30078514 \h 4Resident Aliens and Non-Resident Aliens Resources Pages PAGEREF _Toc30078515 \h 6IRD Resource Page PAGEREF _Toc30078516 \h 8Update for the Setting Every Community Up for Retirement Enhancement (SECURE) Tax Changes PAGEREF _Toc30078517 \h 9Important Notes PAGEREF _Toc30078518 \h 9Retirement Savings Options PAGEREF _Toc30078519 \h 13Understanding IRAs, Roth IRAs, Conversions PAGEREF _Toc30078520 \h 15Should Surviving Spouse Convert to Roth IRA PAGEREF _Toc30078521 \h 17Hypothetical Sample Conversion of Traditional IRA to Roth PAGEREF _Toc30078522 \h 19Understanding Distributions from Your Qualified Plan PAGEREF _Toc30078523 \h 20Qualified Plan Taxation PAGEREF _Toc30078524 \h 21The Nature of Retirement PAGEREF _Toc30078525 \h 22Special Qualified Plan Taxes PAGEREF _Toc30078526 \h 23Assumptions PAGEREF _Toc30078527 \h 24QPDA Objectives – Delayed Distributions PAGEREF _Toc30078528 \h 26Additional Details PAGEREF _Toc30078529 \h 26Updated Social Security and Estate Tax exemption values, and qualified plan limits for 2020Understanding IRAs, Roth IRAs, Conversions Resource Page Traditional IRAs Changed “2019” to “2020” Changed “$103,000 – $123,000 in 2019” to “$104,000 - $124,000 in 2020” andchanged “$193,000 – $203,000” to “$196,000 - $206,000” and changed “$64,000 - $74,000” to “$65,000 - $75,000” Roth IRAs Changed “2019” to “2020” Changed “$193,000 - $203,000” to “$196,000 - $206,000”, changed “2019” to “2020” and changed “$122,000 - $137,000” to “$124,000 - $139,000”Qualified Plan Distribution Analysis (QPDA)Estate Tax Analysis (ETA) & Wealth Distribution Analysis (WDA)Problems of 6166 Resource PageChanged amounts from $1,550,000 (as per 2019 rates) to $1,570,000 (as per 2020 rates).Business Continuation (BC) & Key Person (KP)Estate Tax Analysis (ETA) & Wealth Distribution Analysis (WDA)Resident Aliens and Non-Resident Aliens Resources Pages Changed amounts from $155,000 to $157,000. Estate Tax Analysis (ETA) & Wealth Distribution Analysis (WDA)IRD Resource Page Changed Unified Credit amounts from $4,505,800 to 4,577,800 (totals changed from $640,000 to $568,000 and $240,000 to $168,000). Estate Tax Analysis (ETA) & Wealth Distribution Analysis (WDA)Update for the Setting Every Community Up for Retirement Enhancement (SECURE) Tax ChangesImportant NotesLanguage for 2017 Tax Cuts and Jobs Act is replaced with SECURE Act languageQualified Plan Distribution Analysis (QPDA)Estate Tax Concepts (ETC)Estate Tax Analysis (ETA) & Wealth Distribution Analysis (WDA)Financial Needs Analysis (FNA)Retirement Road Map (RRM)Retirement Savings Options Changed “70?” to “72”Qualified Plan Distribution Analysis (QPDA)Estate Tax Analysis (ETA) & Wealth Distribution Analysis (WDA)Understanding IRAs, Roth IRAs, ConversionsChanged “70?” to “72” in two locations in footnoteQualified Plan Distribution Analysis (QPDA)Estate Tax Analysis (ETA) & Wealth Distribution Analysis (WDA)Should Surviving Spouse Convert to Roth IRAChanged “70?” to “72” in body and in footnoteQualified Plan Distribution Analysis (QPDA)Estate Tax Analysis (ETA) & Wealth Distribution Analysis (WDA)Hypothetical Sample Conversion of Traditional IRA to Roth Changed “70?” to “72”Estate Tax Analysis (ETA)Understanding Distributions from Your Qualified Plan Changed “70?” to “72”Qualified Plan Distribution Analysis (QPDA)Qualified Plan TaxationChanged “70?” to “72”Qualified Plan Distribution Analysis (QPDA)The Nature of Retirement Changed “70?” to “72” in 3 locations on this page.Financial Strategies (FS)Special Qualified Plan Taxes Changed “70?” to “72”Wealth Distribution Analysis (WDA)AssumptionsChange 70? to 72 in Traditional IRA section. Add section for Setting Every Community Up for Retirement Enhancement (SECURE). Qualified Plan Distribution Analysis (QPDA)Financial Needs Analysis (FNA)QPDA Objectives – Delayed Distributions When delay distribution box is check on Distribution Information tab, changed the age in the footnote from 70? to 72. This applies to several ledgers for different objectives.Qualified Plan Distribution Analysis (QPDA)Additional Details Add paragraph related to SECUREEstate Tax Analysis (ETA) & Wealth Distribution Analysis (WDA) ................
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