Important information about IRA Changes in 2020

On March 27, 2020 the President signed into law the CARES Act Coronavirus Aid, Relief and Economic Security Act.

There are several provisions to help those financially or medically affected through these tough times. The following are some of the provisions affecting your 2020 IRA Required Minimum Distribution:

  •  The 2020 IRA Required Minimum Distribution has been waived for IRA Owners in RMD and Beneficiaries of Inherited IRAs in RMD.
  • If an IRA owner turned age 70.5 in 2019 and postponed his/her RMD until the Required Beginning Date of April 1 , 2020, that RMD can also be waived.
  • If you took your RMD in 2020 and would like to put it back into your IRA, you may do so if the distribution was within the last 60 days and you haven’t done an IRA rollover in the last 12 months.
  •  If you are set up on automatic IRA payouts either monthly, quarterly or annually, please let us know if you would like to suspend those distributions until 2021
  • If you are not set up on automatic payments and would still like an IRA distribution this year, please contact us.

If you received a Notice of Required Distribution for 2020 in the mail, please disregard the notice. Should you have any questions, please call your local branch or contact us