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More RMD Relief Available

Category: Financial and taxes in retirement

July 1, 2020 – Bummed out that for once in your life you were early, and took out your 2020 Required Minimum Distribution (RMD) earlier this year? Well, relief is in site. The IRS announced On June 23 that all investors who already took RMDs in 2020 have an extension to be able to roll back those distributions. The new deadline for RMD rollbacks is August 31, 2020. That replaces the previous requirement of rolling them back within 60 days of the distribution, or by July 15 for certain distributions.

The CARES Act also allows another benefit to those affected by COVID. If you, your spouse, or a dependent is diagnosed with the disease you may be able to distribute up to $100,000 from an IRA or employer-sponsored plan in 2020. The distributions are not subject to the normal 10% early withdrawal penalty, and normal taxation of those proceeds can be spread over three years, or even reinvested.

For more information:
What the CARES Act Means for You (Vanguard)

This article also discusses the advantages of a ROTH conversion this year.

Posted by Admin on June 30th, 2020

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