US Treasury Waives RMDs for 2020
A provision of the Treasury’s new CARES act (Coronavirus Aid, Relief, and Economic Security Act) is waiving the 2020 minimum distribution requirements for IRA account-holders (including beneficiary IRAs).
You may still take a distribution of any amount if you need the cash flow or as a qualified charitable distribution (QCD). Alternatively, forgoing the distribution for 2020 may lower your tax liability for the year. Even though RMDs are waived, you can still use your IRA to get a tax break on giving to charity. If you normally give to charity, doing so with QCD from your IRA may be a better way to give to charity and could reduce your taxable IRA balance at the same time.
If you need more information, please email or call us. Karen (firstname.lastname@example.org) can help you with any distributions, including a QCD.
Michael Handy - Michael@handyreagan.com