From Our Blog:

CARES Act Reminder: RMD Rollbacks

The CARES Act was passed back in late March to provide economic relief during the Coronavirus pandemic. An important piece of the initial legislation was the waiver of required minimum distributions (RMD) for 2020. The initial legislation did not include relief for those who had already taken a portion or the full RMD prior to the passage of the CARES Act.

Since then, the legislation has been updated to include a provision that extends the opportunity to anyone who already took a required minimum distribution (RMD) in 2020 to also roll those funds back into a retirement account. The rollback period for any RMDs already taken this year is open until August 31, 2020.

Those who take their RMD because it’s a requirement, not for cash flow, should consider taking advantage of these waiver and rollback provisions. Waiving and/or returning your 2020 RMD will reduce your tax liability from the distribution withdrawal and will give the funds more time to grow (in a tax deferred account) as the economy recovers.

How We Can Help

Coronavirus continues to affect all aspect of our lives. We understand that this is an incredibly hard time for everyone. Please do not hesitate to contact us with any questions regarding your portfolio or how these provisions could affect you.

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