Planning Briefs
Act By The End Of 2020 For A Major Retirement Income Tax Break
Published Tuesday, July 14, 2020, 10:45 p.m. EST
A confluence of events have suddenly aligned to create a major tax planning opportunity for individuals who are currently taking IRS-mandated required minimum distributions (RMDs) from an individual retirement account or are about to start taking RMDs.A provision of the CARES Act the Covid crisis emergency aid law in effect since March 27, 2020 -- lets you skip your required minimum distribution in 2020. Since many individuals of RMD-age (72 and above) have been remaining homebound during the Covid crisis and are spending less, skipping all or part of an RMD is easy and often makes...
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