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.

Blue Named One of Kentucky’s Best Places to Work for 2024 | Best Places to Work in Kentucky

Blue Named One of Kentucky’s Best Places to Work for 2024

CARMEL, Ind. (April 16, 2024) – Blue & Co., LLC is honored to be named among the Best Places to Work in Kentucky by the Kentucky Chamber of Commerce, the […]

Learn More
Planned Gifts

Planned Gifts: A Plan for All

By Mike Gricius, CPA, Senior Manager at Blue & Co. Planned gifts are a tool that can help not-for-profits plan ahead and secure the future for the years to come. […]

Learn More

Participate in the 2024 Dental Survey: Help Blue and the IDA Offer Better Solutions for the Dental Industry

Since 1995, Blue & Co. has partnered with private practice dentistry to give something back to the profession that our dental clients desperately needed: good data. And we aim to […]

Learn More