On March 27th, Congress passed the Coronavirus, Aid, Relief and Economic Security (CARES) Act, with the intent of blunting the economic impact of COVID-19. The CARES Act contains many provisions, but we wanted to highlight several of the most relevant ones here:
- Required Minimum Distributions (RMDs) for the 2020 calendar year have been waived.
- The RMD waiver for 2020 also applies to Inherited IRAs.
- Please contact us if you have already received your RMD but would like to return those funds.
- The deadline to file your 2019 Federal Income Tax Return has been extended to July 15th.
- The deadline to make 2019 contributions to your traditional or Roth IRA accounts has also been extended to July 15th.
We are still awaiting some guidance on the specifics of this provision. However, please contact us if you would like to suspend your RMD this calendar year. If we don’t hear from you, we will continue with your existing instructions.