I've been following this thread closely as someone in a similar situation, and I wanted to add some practical context about planning with these future changes. Even though the age 75 requirement won't kick in until 2033, it's worth considering how this affects your overall retirement withdrawal strategy now. One thing I learned from my financial planner is that the delayed RMD age might actually create some tax planning challenges. If you're waiting until 75 to start required withdrawals, you could end up with larger account balances that force bigger RMDs when they do start. This could potentially push you into higher tax brackets in your later 70s and 80s. The key is thinking about voluntary distributions in your early 70s to manage your tax bracket, especially if you have other income sources like Social Security or pensions that will increase your taxable income over time. The flexibility to choose when to start taking money out (versus being forced to) is actually a valuable planning tool. Has anyone else considered how these changes might affect their overall tax strategy, not just the technical compliance with RMD rules?

Great question about voluntary distributions! Once you're over 59.5, there are generally no restrictions on how much you can withdraw from your traditional IRA or 401(k) - you just pay ordinary income tax on the distributions. The main thing to watch out for is managing your tax bracket. One strategy I've seen work well is what's called "bracket filling" - taking enough distributions each year to fill up your current tax bracket without pushing into the next one. For example, if you're in the 12% bracket, you might take distributions up to the top of that bracket, then stop to avoid jumping to 22%. Another consideration is the timing of Social Security benefits. Since those become taxable at certain income levels, coordinating your voluntary IRA distributions with when you start claiming Social Security can be really important for managing your overall tax burden. The flexibility that comes with the delayed RMD age is actually one of the best parts of SECURE 2.0, but it does require more active planning than just waiting for the government to tell you what to withdraw. Working with a tax professional who understands these new rules can really pay off in the long run.

Has anyone used both H&R Block and FreeTaxUSA? I'm considering switching permanently next year and wondering how they compare. Is FreeTaxUSA actually good or just cheaper?

I made this exact switch last month and can confirm it works perfectly! H&R Block's inability to e-file Form 8915-E was such a frustrating surprise after completing everything. FreeTaxUSA handled the 8915-E form without any issues and I was able to e-file successfully. The interface is definitely more basic than H&R Block - it's more like filling out the actual tax forms rather than the interview-style questions - but honestly I found it easier to navigate once I got used to it. One tip: make sure you have your AGI from last year's return handy when you switch, as FreeTaxUSA will ask for it to verify your identity. Also double-check that you're entering the correct distribution amount and date on the 8915-E form since the wording is slightly different between the two platforms. The whole re-entry process took me about an hour, which was way better than dealing with printing and mailing a paper return. My refund was processed normally and I got it via direct deposit in about 10 days after e-filing.

Don't overlook the state estate tax angle. Federal exemptions are high, but states like Massachusetts, Oregon, and Minnesota have much lower exemptions (around $1-3 million). A properly structured trust can help with state estate taxes even if you're below the federal threshold.

This is exactly the kind of comprehensive discussion I was hoping for when I posted this question! Reading through all these responses, I'm realizing that trust planning is way more nuanced than the financial advisor made it sound. A few key takeaways that are helping me understand the basics: 1. The distinction between revocable vs irrevocable trusts is crucial - only irrevocable trusts actually remove assets from the taxable estate 2. There's often a trade-off between estate tax savings and losing the step-up in basis for capital gains 3. At $4.2M, my parents might be more concerned about state estate taxes depending on where they live 4. The generation-skipping transfer tax is something we hadn't even considered but should definitely explore given they have grandchildren I think our next step is to get a proper analysis of their situation before meeting with an estate planning attorney. Some of the tools mentioned here (like taxr.ai) might help us go in more prepared. I also want to research attorneys who specialize specifically in multi-generational planning rather than just general estate work. Thanks everyone for taking the time to share your experiences and knowledge. This community is incredibly helpful for navigating these complex tax situations!

571 is actually one of the best codes you can see! It means they're releasing whatever hold was on your account. I went through this exact same thing last year - had a 570 code for weeks that stressed me out, then boom, 571 appeared and I got my refund within 10 days. The IRS moves pretty quick once they release the hold. You should definitely see that sweet 846 code (direct deposit date) on your next transcript update! 🤞

Code 571 is actually really good news! It means the IRS is releasing a hold they had on your account - basically the opposite of the dreaded 570 code that freezes things. This usually happens when they've finished reviewing whatever flagged your return initially. You should see your refund deposit date (846 code) appear on your next transcript update, typically within 1-2 weeks. I know the waiting is brutal but you're definitely in the final stretch now! 🎯

9 For what it's worth, I use FreeTaxUSA for both my personal taxes and my 1099-NEC filings. It's way cheaper than TurboTax and has been really reliable for my small business. They walk you through the process pretty clearly and the interface is straightforward. Just sharing another option that's worked well for me for the past couple years.

As someone who went through this exact same confusion last year with my small consulting business, I totally feel your pain! The IRS website is like a maze when you're trying to figure out electronic filing for the first time. One thing I learned the hard way - if you're filing more than 250 forms, you're actually REQUIRED to file electronically. But for smaller businesses like yours (and mine), you have options. I ended up using a combination approach: I used TaxAct's business version for the actual electronic submission (cost me about $40 for unlimited 1099s), but I also called the IRS Practitioner Priority Service line instead of the regular taxpayer line - the wait times were much shorter and I got through to someone who actually knew what they were talking about. The key thing to remember is that even if you're a few days late on the January 31st deadline, the penalties are usually pretty reasonable for small businesses filing just a handful of forms. Don't stress too much about being perfect your first year - we've all been there!