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In a previous article, How COVID-19 has Impacted Your IRA in 2020, we explained the drastic new rules for IRAs in 2020. One of the major changes was that Required Minimum Distributions (RMDs) were waived in 2020. But what if you already took some or all of your RMDs for 2020? The IRS has issued new guidance to help those IRA owners:
There may be exceptions and rules that must be followed to qualify for some of the above. As always, speak to your accountant regarding your personal tax circumstances.
Cona Elder Law is a full service law firm based in Melville, LI. Our firm concentrates in the areas of elder law, estate planning, estate administration and litigation, special needs planning and health care facility representation. We are proud to have been recognized for our innovative strategies, creative techniques and unparalleled negotiating skills unendingly driven toward our paramount objective - satisfying the needs of our clients.
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