On March 27, 2020, President Trump signed the CARES Act into law. Most of us know that the CARES Act offered economic relief through stimulus checks and the Paycheck Protection Program (PPP). But there’s more relief available, including options that allow workers to tap into retirement accounts without a penalty, and take out loans. Here’s what you…
Did you take out a required minimum distribution (RMD) this year and want to put it back? As part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), RMDs are waived for 2020, including for inherited IRAs. The CARES waiver includes RMDs for individuals who turned age 70 ½ in 2019 and took…
It’s my annual Taxes from A to Z series! If you’re wondering how to figure basis for cryptocurrency or whether you can claim home office expenses during COVID, you won’t want to miss a single letter. R is for Required Minimum Distributions. Generally, the goal of a retirement account is to defer tax – and…
