New IRS Rule Allows Return of Required Minimum Distributions
In a welcome announcement from the IRS, it is now possible to give back Required Minimum Distributions (RMDs) taken after January 1st of this year by rolling it back into your retirement account, but it must be done by August 31st. This could be an important income tax consideration for those who took some of the required distribution amount from their tax-advantaged investment accounts early this year, as the COVID-19 pandemic built up steam. The details are explained in this MarketWatch article by Alessandra Malito. Click here to read more.