Effective February 2022, the facility at 1612 Main St in Great Bend will be closed on Saturdays.
The location at 1017 Harrison in Great Bend will remain open to both lobby and drive thru traffic on Saturdays.
2020 Changes to IRAs
Setting Every Community Up for Retirement Enhancement (SECURE) Act
Effective January 1st, 2020, here are a few highlights of the SECURE Act:
- Required Minimum Distributions begin at age 72, previously 70.5.
- You can continue to contribute to your Traditional IRA after age 70.5 so long as you have earned income.
- Payout for beneficiaries of IRAs must be taken within 10 years, with some exceptions.
- IRA withdrawals for birth or adoption expenses, up to $5,000 may be taken out penalty-free.
Coronavirus Aid, Relief, and Economic Security (CARES) Act
The CARES Act had several provisions that effect IRA holders such as:
- Required minimum distributions (RMDs) are suspended for 2020.
- IRA holders under 59 1/2 can take a distribution from their IRAs up to $100,000 without a penalty for Coronavirus related purposes.
- Taxes will still apply, but can be spread over 3 years or the distribution can be repaid within 3 years and no taxes would have to be paid.
IRS Extends Tax Filing Deadline to July 15th
The extension of the tax filing date further affects IRA holders by:
- Allows prior year contributions to extend to the new July 15th filing date.
- Additional information available at: IRS.gov.
Internet Explorer 11 is outdated. For improved security and optimized performance we highly recommend upgrading your browser. ChromeFirefoxEdge
Back to Top