Ryan Ermey: Living in retirement comes with twists and turns, no matter when you retire. But life has been particularly chaotic for retirees of late. Former Kiplinger's editor and current retiree Janet Bodnar joins the show, to tell us how retirees can navigate turbulent times, in our main segment. On today's show, Sandy and I remind you to reverse your required minimum distributions (RMDs) before the imminent deadline.
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Our guest on the podcast is retirement and tax expert, Ed Slott. He is president and founder of Ed Slott and Company, which provides retirement and tax planning education to investment advisors and financial institutions. Ed has written several books including the recently published Ed Slott's Retirement Decisions Guide: 2020 Edition and Fund Your Future: A Tax-Smart Savings Plan in Your 20s and 30s.
If you took a mandatory distribution from your retirement savings this year, you’re running out of time to put the money back.
The CARES Act, the coronavirus relief act that took effect this spring, permitted retirement account holders to bypass required minimum distributions for 2020.
My siblings and I are at odds over how to care for our mother, who is widowed and not in the best of health. She wants to continue living at home, but two of us think she needs to move to an assisted-living community. (A setting that seems problematic at best, given the coronavirus.) And if she moves, there’s no agreement about whether she should stay in the same area or move close to one of us. Any ideas about how to tackle this?
Anybody who took a required minimum distribution from a retirement account in 2020 should take a look at new IRS guidance that says those who took a 2020 RMD can roll the money back into a retirement plan by August 31.
IRS Notice 2020-51 provides rollover relief with respect to waived RMDs, permits repayments to inherited IRAs, and includes Q&As for employers and employees navigating the 2020 RMD waivers and rollovers.
The Internal Revenue Service issued a notice Tuesday that people who took required distributions from retirement accounts this year can put the money back.
On March 27, President Trump signed into law a measure that suspends for 2020 the required minimum distributions, or RMDs, many retirees must take from tax-deferred 401(k) and individual retirement accounts.