CARES Act Suspends RMDs for 2020
From the desk of Jonathan Johnson, CPA, CFP®
The CARES Act eliminated an individual’s Required Minimum Distribution for the 2020 tax year from all qualified retirement accounts. Additional guidance by the IRS states that an individual may “Roll Back” a distribution that was taken between 2/1/2020 and 5/15/2020 by the tax deadline of 7/15/2020. Said another way, taxable distributions can be reversed to reduce your tax burden. Is your financial advisor looking beyond your investments?