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Cathleen’s Commentary: Overview of IRAs 2025
It’s the most wonderful time of the year. No, it’s not the holidays, but the annual COLA limits gift from the IRS. While the contribution limits for Traditional and Roth IRAs haven’t increased for 2025, the deductibility limits for Traditional IRAs and the contribution limits for Roth IRAs have risen.
Understanding the IRS Final Regulations
Cathleen’s Commentary: The Internal Revenue Service (IRS) released final regulations on required minimum distributions (RMDs) July 19, 2024. The key takeaway is, starting in 2025, RMDs are mandatory during a Designated Beneficiary’s (DB) 10-Year Term if the IRA owner died on or after their required beginning date (RBD). These regulations affect anyone who inherited an…