Relief on required minimum distributions is here, and it will help almost everyone looking to return an unneeded 2020 RMD -- but only if they take action now. Here is what you need to know about this unprecedented relief and its fast-approaching Aug. 31 deadline.
CARES ACT
The CARES Act waived
Learn more about reprints and licensing for this article.
Delaying RMDs sounds good now, but the tax bill will continue to compound.
The new relief on required minimum distributions for this year builds on previous IRS relief for RMDs in 2021, 2022 and 2023.
An offer the IRS refused! The estate owes nearly $1 million in taxes and penalties.
There’s a chance to do two 529-to-Roth rollovers this year – but only if the first one (for 2023) is done by April 15.
With the net unrealized appreciation tax break, company stock can be withdrawn from a 401(k) in a lump-sum distribution and have its appreciation taxed at capital gains rates, rather than as ordinary income.
