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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.

10.29.20 Manufacturing TH

Webinar: Manufacturing Executive Roundtable with Indiana Manufacturers

Join us Thursday, October 29th from Noon to 1 PM Eastern Join Blue & Co. as we facilitate a town hall discussion with Indiana manufacturers featuring panelists who will be sharing how their organizations have been addressing the challenges and opportunities created by the COVID-19 Pandemic. Duration: 1 Hour This webinar is free to attend. […]

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Happy healthcare workers | Medicare Bad Debts

Medicare Bad Debts Regulations Update: October 2020

In these unprecedented times, protecting your Medicare bad debt reimbursement is more important than ever. With decreases in patient volume due to COVID-19, hospitals will certainly feel the effect on their wallet. Coupled with the release of Centers for Medicare and Medicaid Services’ (CMS) final rule, NOW is the time to safeguard your Hospital’s reimbursement. […]

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