Posted on 04/25/2020 2:16:10 PM PDT by entropy12
Read on if you are subject to RMD withdrawals in IRA's
Thanks. I didn’t know that. We have an RMD on an inheritance so this helps.
Richard M Daley?
May as well advise also that the requirement age changed from 70 ½ to 72 going forward.
CARES Act states......
You can decline RMD for 2019.
If you dont need it good for you dont take it or a fraction there of.
Next year will be back to SOP.
2021 has nothing do with that edict.
This has been posted here toooo many times, pay attention
That had zero to do with the CARES Act.
also it is for 2019 RMD NOT 2020.
Read the thing
I called my financial guy the other day planning to take mine and invest it in something high risk.
He gave me some great news. No RMD this year and my funds only lost 10%.
He’s doing real good with my money.
Can You Forgo Taking RMDs in 2020?
https://www.schwab.com/resource-center/insights/content/can-you-forgo-taking-rmds-2020
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, recently passed into law, includes a number of measures designed to stimulate the economy. One provision allows retirees to forgo taking Required Minimum Distributions (RMDs) from IRAs or 401(k)-type plans this year.
2020 RMD is based on 2019 acnt val on 12/31/2019
Which for many was at a peak, so a good thing
Has nothing to do with projections into 2021
Correct, but some may not have not been advised.
Glad it helped someone...!!
My RMD is my main taxable income, so my tax next year (2020) will be close to zero...yay time to sign up for another cruise!
Required Minimum Distribution from tax deferred accounts you have. It affected people reaching 70-1/2 years age.
Correct value of IRA on December 31st, 2019 but taxable in year 2020.
You can do what I did...
instead of taking money OUT of the IRA and transfer it to my cash account, I left the RMD money in the IRA account and bought a riskier fund with it.
Not the least bit interested. I plan to completely withdraw all my IRA assets over the next fifteen years. There comes a time to enjoy the fruits of labor rather than sit on large IRA balances.
Why wouldn’t you take out what you need to live on and enjoy life and leave the rest accumulating tax-deferred?
Wise move. I on the other hand wish to leave more for the kids, because I have already done lot of stuff I dreamed of doing such as belong to a nice private country club for 15 years to play golf, taken 3 dozen cruises all over the world, and living in the house of my dreams. So a different situation and I am 80 years old already! Where did the time go? I guess time flies when on is having fun.
Many people need to withdraw money from IRA’s for expenses. So postponing the yearly RMD is not an option for them.
ProtectOurFreedom wrote: “Why wouldn’t you take out what you need to live on and enjoy life and leave the rest accumulating tax-deferred?”
I saved for many years and now I’ve reached a point it’s no longer important to accumulate additional wealth.
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