More Relief: Retirement Account Required Minimum Distribution Rules Suspended for 2020
The $2 trillion COVID-19 economic recovery bill finally made it through Congress and was signed into law by President Donald Trump on March 27.
The legislation is titled the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). It’s a daunting 880 pages long, but it contains good news for individuals and businesses, including meaningful tax relief.
This article explains two tax relief measures that can potentially benefit IRA and retirement account owners. Here goes.
COVID-19-Related Distributions from IRAs Get Tax-Favored Treatment
If you are an IRA owner who has been adversely affected by the COVID-19 pandemic, you are probably eligible to take tax-favored distributions from your IRA(s).
For brevity, let’s call these allowable COVID-19 distributions “CVDs.” They can add ... Log in to view full article.