fbpx

< Back to Thought Leadership

Most Required Minimum Distributions Waived for 2020

Did you know that as of March 27, 2020, most Required Minimum Distributions (RMDs) were waived for the 2020 calendar year? That means that if you normally take an RMD from your IRA or business retirement plan, except for pension plans, you are not required to take that distribution for 2020.

In most cases, if you depend on your regular RMD for income, you are still able to request to take the same distribution amount. It just is not required for 2020.

Did you take a scheduled distribution early in the year before the waiver was passed? The IRS is permitting anyone who has taken an RMD so far in 2020 and really does NOT want that taxable distribution for 2020, to re-deposit that withdrawal as a rollover contribution as long as it is done before August 31, 2020.

Changes in your income due to the change in RMD requirements for 2020 may require some additional tax planning. To get more details about waived RMDs, discuss your current situation, or schedule an appointment for tax planning, please contact your local Blue & Co. advisor.

woman using a quickbooks point of sale system

Blue & Co. Offers Expertise to Not-For-Profits Affected by QuickBooks Point of Sale Discontinuation

By Nancy Orben, CPA, Senior Manager, Laura Philpot, Senior Accountant, Business Services, and Lisa Totten, Senior Accounting Specialist at Blue & Co. Attention all not-for-profit organizations! Are you currently using QuickBooks Point of Sale in your gift shops, ticket sales, or day-to-day business? If so, you may have heard the recent news that Intuit will […]

Learn More

Contract Services: Impact on Wage Index

In the past several years, hospitals have continued to feel the impact of increased utilization of contract nursing and other contract services. Although these services have developed into a major expense line item, it is important for hospitals understand how expenses related to contracted services can impact the wage index factor for Medicare reimbursement. Contract […]

Learn More
shamrocks not-for-profit tips

3 Lucky Tips for Not-For-Profits to Avoid Bank Fraud

Trusted Insights from The National Bank of Indianapolis Nonprofit Services Team Not-for-profit organizations are increasingly falling victim to fraud, with a rising number of incidents and an ever-growing amount of money being lost. Fraudsters find it easy to target not-for-profits, as their publicly available 990s provide valuable information. Protecting your organization from such fraudulent activities […]

Learn More