Latest News
Reminder: Required Minimum Distributions (RMDs) Waived for 2020
The IRS has reminded seniors and retirees over 70 that, because of the pandemic, the need to take a Required Minimum Distribution (RMD) is waived for calendar year 2020. That means that those who would normally need to withdraw money from their tax-advantaged account, and pay income tax on that withdrawal, are not required to do so this year. And for those who have already done the withdrawal, it is possible to reverse that transaction to avoid the tax consequences of doing so. All of this is explained in this article appearing in Missouri’s News Tribune. Click here to read more.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.