Last March, we posted about new IRA Required Minimum Distributions rules. There are a few more updates that we wanted you to know about.

Due to the impact of COVID, there are some new IRA rules that we wanted to make sure everyone is aware of:

·         All required minimum distribution requirements have been waived for 2020, so if you haven’t taken yours and want to waive it for 2020, please make sure to let us or your IRA custodian know (if we haven’t already discussed it with you).

·         For those who took their 2020 RMDs prior to these changes going into effect, the IRS has recently extended the time you have to roll the distribution back into your IRA if you want (to avoid taxation). Most recent guidelines indicate August 31 is now the deadline to do that, so let us know ASAP if you want to consider that (and again if we haven’t already discussed it with you).

For a recap of the COVID provisions for all retirement plans (including 401ks), here is a good summary: https://www.thestreet.com/retirement/cares-act-impact-on-retirement-plans