09 Jul 2020 Required Minimum Distribution (RMD) Update
We wanted to make sure all of our clients are aware of the CARES Act provision to forgo taking required minimum distributions (RMDs) in 2020. The IRS has also come out with guidance that allows for any distributions taken thus far in 2020 to be returned on or before AUGUST 31, 2020. That means you have a little less than 2 months to put back into your IRA, Beneficiary IRA, or 401K profit sharing plan any distributions that you do not want counted as taxable income in 2020.
In light of this, please reach out to your advisory team if you would like to discuss putting any amount back before the August 31 deadline.
We also wanted to be clear that we will assume that you do not want to take your RMD, unless we have spoken with you already for 2020. We do know that some of you want to continue to take the distributions for income reasons or otherwise, and we will of course leave those distributions as is. If we have not spoken with you about this and you WANT to take your distribution(s), please reach out and let us know sometime before November so we can have enough time to get the funds to you before year-end.