The American Association of Individual Investors held a live video event on Wednesday, May 13, 2020, with Charles Rotblut, CFA, a vice president and AAII Journal editor at AAII.    
 
There have been many changes to the tax rules over the past several months affecting individual investors. AAII Journal editor Charles Rotblut, who authors AAII’s annual tax guide, will help you make sense of the changes. In this live webinar, he’ll go over details of the new rules instituted by the CARES Act, the SECURE Act and the Internal Revenue Service (IRS). There will be time for attendee questions on this topic to be answered.

Watch this webinar and learn: 
-The revised rules for RMDs
-The changed tax deadlines
-The more generous deductions for charitable donations 

Here are links to some of the things we talked about:   
AAII Articles
Tax Rule Changes:
Tax Guide Update: Staying Current on the New Rules (
The Top SECURE Act Provisions Individual Investors Should Be Aware Of (Hopkins) (
The Individual Investor’s Guide to Personal Tax Planning 2019 (

IRAs and Roth IRAs:
Strategies for Managing Required Minimum Distributions (
Roth Versus Traditional IRA Decision Tree (
Roth IRA Conversion Spreadsheet (
State Law May Protect Inherited IRA Assets From Creditors (
Supreme Court: No Bankruptcy Protection for Inherited IRAs (2014) (
New Rules for IRA Rollovers (2014) (
Be Aware of IRA Rollover Rules (2014) (

Online Tax Services:
The Most Popular Tax Preparation Services Used by AAII Members (

Charles’ Investor Update Columns
What to Do With the Stimulus Check (
The CARES Act and Tax Rule Changes (
Considerations for Roth IRA Contributions and Conversions (

Tax Resources That Charles Uses
IRS.gov (
Wolters Kluwer (
J.K. Lasser’s Your Income Tax (
The Kiplinger Tax Letter (
My Tax News Twitter List (
TurboTax (
AAII Tax Guide (

Charles’ Twitter

Charles’ Recent Reading
Dear Shareholder: The best executive letters from Warren Buffett, Prem Watsa and other great CEOs, by Lawrence A. Cunningham (Harriman House, 2020) (
Buffett Letter to Shareholders (

Here are the slides from the presentation:

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ABOUT AAII The American Association of Individual Investors is an independent, nonprofit corporation formed for the purpose of assisting individuals in becoming effective managers of their own assets through programs of education, information and research.

What the New Tax Rules Mean for You | AAII…(read more)

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The new tax rules have brought significant changes that will affect individuals and businesses alike. With the Tax Cuts and Jobs Act becoming effective in 2018, taxpayers must understand the new provisions so that they can make informed decisions. Here is what the new tax rules mean for you:

1. Changes in Standard Deduction

The new tax laws have doubled the standard deduction to $12,000 for individual taxpayers and $24,000 for married couples filing jointly. This change will lead to fewer people itemizing deductions and simplifying tax filings.

2. Changes in Personal Exemption

Individuals are no longer receiving personal exemptions, so taxpayers with large families may see their tax bills going up.

3. Lower Tax Rates

The new tax rules have also lowered tax rates. The seven new tax brackets will vary from 10% to 37%. The higher rate applies to single taxpayers with income exceeding $500,000 or $600,000 for married couples filing jointly. Despite the changes, lower-income taxpayers with low income will benefit from the reform.

4. Changes in Charitable Contributions

The new tax rules have increased the limit for cash contributions to public charities. Taxpayers can now deduct up to 60% of their adjusted gross income as compared to 50% previously.

5. Changes in Mortgage Interest Deductions

The new tax rules have placed a cap on the amount of mortgage interest deductions that can be claimed. THe limit is now set at $750,000 for new mortgages and $1 million for mortgages taken before December 15, 2017.

6. Higher Child Tax Credits

The new tax rules have increased the child tax credit amount to $2,000 per child under the age of 17, from $1,000 previously. The credit is also available to higher-income taxpayers who were not previously eligible.

The changes in the new tax rules will lead to different consequences for taxpayers. While some might have to pay more taxes than before, others will save money. It is essential to understand how the new tax laws affect your finances and what steps you can take to minimize the effect. Taxpayers should consult with a tax professional to get more information on how to file for taxes under the new tax laws.