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.
The SECURE Act (Setting Every Community Up for Retirement Enhancement Act) is major legislation that was passed by Congress as part of a larger spending bill and signed into law by the president in December. Here are a few provisions that may affect you. Unless otherwise noted, the new rules apply to tax or plan years starting January 1, 2020. Continue reading “The SECURE Act Offers New Opportunities for Individuals and Businesses”