TAX ALERT

TAX ALERT

ALL unwanted 2020 RMDs (required minimum distributions) can be returned (rolled back in) if done by August 31, 2020 (Per IRS Notice 2020-51 – Released June 23, 2020).
Note: The Cares Act waived the 2020 required minimum distribution from all defined contribution plans and IRAs.  However, this notice allows individuals who may have potentially already started taking their 2020 distributions, pay the distribution back, not be taxed, and reinstate their retirement funds. As a reminder, the deadline to complete is August 31, 2020.
Tell us how we can help you navigate these unprecedented times by visiting our website, www.mjcpa.com.