Annuities
No RMDs for 2020!
Required minimum distributions (RMDs) have been eliminated for 2020 due to the COVID-19 pandemic; but, you just might want to consider taking a distribution anyway. Why?
August 14, 2020
Required minimum distributions (RMDs) have been eliminated for 2020 due to the COVID-19 pandemic; but, you just might want to consider taking a distribution anyway. Why?
Congratulations—you’ve built up a healthy retirement nest egg, maybe even a couple million bucks in a traditional IRA. Cue the applause! No worry about tax traps now! But as you reach retirement and start thinking about how to spend it (or pass it on), Uncle Sam is waiting with a few surprise moves that could mess with your plans. These are the tax traps.
You’ve just inherited an IRA from someone not your spouse… usually a parent. Guess what! Your rules are different.
