Tax Filing Information for Coronavirus Distributions

In March 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The legislation included a provision that allowed qualified retirement plan participants and IRA account holders to take penalty-free early distributions totaling no more than $100,000 between January 1 and December 31, 2020. If you took advantage of this measure, here’s what you need to know for tax filing. Continue reading “Tax Filing Information for Coronavirus Distributions”

Put Your Thinkin’ Caps On!

Note:¬† There is an assignment at the end of this ūüôā

I am sharing this great article, from my colleague, Jean Long Manteufel, who is CEO of Transitions with Jean.¬† She helps Seniors make transitions in their living quarters, be that making their homes saver, or moving to assisted living.¬† She always has valuable insights to share.¬† Please read on about some ways to “transition” our holiday celebrations! Continue reading “Put Your Thinkin’ Caps On!”

A little bit of insight to share

Here are some bullet points that came across my desk today.  I hope they help make some senses out of the passage of the recent Acts.

Highlights of the SECURE Act include:

Age restrictions on contributions to a Traditional IRA have been eliminated

  • For clients born on or after July 1, 1949, the age for starting required minimum distributions
  • (RMDs) has been increased to 72
  • Beneficiary distribution choices for deaths that occur starting in 2020 have been changed/updated
  • Distributions for qualified birth or adoption expenses are penalty-free up to $5,000

Highlights of the CARES Act include:

  • RMDs, including those from Beneficiary IRAs, have been waived for 2020
  • Coronavirus-related distributions (CRDs) are penalty-free up to $100,000 through December 30,
  • 2020
  • CRDs can be repaid over three years, or taxes can be spread over three years

All RMDs have been waived for tax year 2020

All RMDs have been waived for tax year 2020, meaning clients will not need to take an RMD from their retirement account for this year.

If clients have already taken all or part of their RMD within the past 60 days, they can re-contribute that amount back into their retirement account, assuming the distribution qualifies for a rollover.

For more information, reach out to the custodian or advisor of the accounts.

Financial Peace of Mind in the Age of Coronavirus

Financial Peace of Mind in the Age of Coronavirus

The headlines are hard to ignore. Coronavirus (COVID-19)-related cases and deaths are increasing around the globe, supply chains have been interrupted, financial markets are experiencing historic volatility, and businesses are questioning how they will weather the storm.

When it feels like so many things are out of our control, sometimes the best thing to do is focus on the things that are. Here are five questions to ask for some financial peace of mind in the age of coronavirus.¬† Continue reading “Financial Peace of Mind in the Age of Coronavirus”


Coronavirus Aid, Relief and Economic Security Act

Stay tuned right here for more information, on this unprecendented relief act, one that will allow you to defer your RMDs and for those under 59 1/2, take a hardship distribution from their retirement savings, without penalty.