CARES Act – Important Updates to Your 2020 RMD

Share Post: facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.

 

The CARES Act provides numerous provisions that relate to retirement plans – aimed at helping those being impacted financially by coronavirus. One important provision that may apply to you is that requirement minimum distributions (RMDs) from defined contribution plans and IRAs for 2020 are suspended. Watch our video to learn more about how this applies to you.

Most retirees need their required minimum distribution withdrawals to get by in retirement. But for those who may not and have automatic or quarterly RMDs set up, you might want to reach discuss the best options for your planning which may include suspending those distributions. If you have done an RMD within the past 60 days, you could use the once-a-year (12 month period) 60-day IRA rollover to get the money back into a tax deferred account. If you can suspend your withdrawals for a year, it can help your portfolio out in a time of high volatility.

Please reach out to us directly with any additional questions.

Best,

Kerry

 

 

 

Kerry Meath-Sinkin, CFP®AIF®, is a wealth advisor based in Minneapolis. She graduated with honors from Brown University, and works with clients in the Twin cities and nationwide. Kerry believes in a holistic approach to finance. Kerry also has a passion for healthy living, is a certified Ayurvedic practitioner, and public health educator. Click here to learn more about Kerry.

Share:
facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.
Share Post: facebook Created with Sketch. twitter Created with Sketch. linkedin Created with Sketch. mail Created with Sketch. print Created with Sketch.

RECENT POSTS

Q3 2022 Quarterly Market Outlook

Watch this webinar hosted by Carson’s Scott Kubie, Senior Investment Strategist, and Patrick Sittner, Portfolio Strategist, as they dive into the quarterly market outlook.

Quarterly Market Outlook Highlights: Q3 2022

Carson Partners’ Scott Kubie shares key events we saw in the past quarter and how we think they’ll affect markets in the upcoming quarter. Contact us to speak with a financial advisor.

Everything You Need to Know About RMDs

Watch this webinar hosted by Carson’s Ryan Yamada, Senior Wealth Planner, and Tom Fridrich, Senior Wealth Planner, as they dive into RMDs.

Estate Planning Strategies to Minimize Taxes

Watch this webinar hosted by Carson’s Ryan Yamada, Senior Wealth Planner, and Tom Fridrich, Senior Wealth Planner, as they dive into estate planning strategies to minimize taxes.
1 2 3 20 21 22

Get in Touch

In just 15 minutes we can get to know your situation, then connect you with an advisor committed to helping you pursue true wealth.

Schedule a Consultation