Income Taxes and Record Keeping ( tax ) Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Income Taxes and Record Keeping ( tax )

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

From: Lance Bredvold	5/4/2020 12:34:21 PM
	Read Replies (1) of 5810

I learned a few weeks ago that the government had decided we don't have to take our RMD (required minimum distribution) from IRA's for the 2020 tax year. Cares act passed Mar 27. Unfortunately, I took all of my distribution in the first days of Jan, 2020 and today, as recommended, I called my accountant about it. His best guess is that I won't be able to get the money back into my account because it was taken out over 60 days ago--though he would continue to look for a way. It happens that I did sell some property and expect a jump in my income this year and being able to take the RMD off would have helped considerably. But then, I didn't even know this was possible when I sold the property so I'd be griping for not getting a special gift. Anyone else who already took some of their RMD may want to quickly check so they can "reconstitute" or whatever the term is for negating their transaction.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next