{"id":1305,"date":"2020-08-11T13:51:20","date_gmt":"2020-08-11T17:51:20","guid":{"rendered":"https:\/\/www.thewealthguardians.com\/staging\/3023\/?p=1305"},"modified":"2022-01-07T12:41:55","modified_gmt":"2022-01-07T17:41:55","slug":"the-2020-rmd-income-tax-relief-deadline-is-almost-here","status":"publish","type":"post","link":"https:\/\/www.thewealthguardians.com\/staging\/3023\/the-2020-rmd-income-tax-relief-deadline-is-almost-here\/","title":{"rendered":"The 2020 RMD Income Tax Relief Deadline is Almost Here"},"content":{"rendered":"

<\/p>\"\"\n

Are you one of the many retirement account holders who took a mandatory distribution this year? If so, you may be able to manage the taxes associated with Required Minimum Distributions (RMDs) from traditional IRAs and 401(k)s. There are some essential details to keep in mind, however. Here\u2019s what you need to know.<\/p>\n

Don\u2019t forget the withholding<\/strong>
\nThanks to the Coronavirus Aid, Relief, and Economic Security (CARES) Act, those who hold certain retirement accounts can bypass the required minimum distributions for 2020. To do so, though, you\u2019ll need to return the full amount of your RMD to your retirement account. Keep in mind, many retirement account custodians often withhold income tax, which will need to be returned as well\u2014not just the net amount you receive.1<\/sup><\/p>\n

\"\"<\/p>\n

\n

> CLICK HERE TO GET YOUR COPY OF OUR FREE GUIDE<\/em><\/strong><\/a><\/span><\/p>\n<\/blockquote>\n

Remember August 31st<\/strong>
\nAugust 31st is the deadline by which you must return your RMD. But considering the widespread disruption caused by COVID-19, it may be wise to begin this process sooner rather than later. After all, with industries shuttering doors or modifying their hours of operation, it may be difficult to contact the various institutions necessary. If you\u2019re not sure where to begin, speaking with your banking or financial professional is always a wise move.1<\/sup><\/p>\n

Avoid the 6%<\/strong>
\nAs many retirement account holders know, accidental excess contributions result in a 6% tax for every year the excess remains in the account. Typically, this is a non-issue for those working with a financial professional. But considering the flurry of changes to the tax code this year, it may be worth checking with your custodian to make sure they have tagged your transaction as a \u201creturn of funds.\u201d1<\/sup><\/p>\n

It pays to be sure<\/strong>
\nThese are just some of the most important factors to keep in mind, but the longer you wait, the greater the potential for delay or mishap. In this case, it literally pays to work with your financial, tax, and banking professionals to make sure your RMDs are returned correctly.1<\/sup><\/p>\n

The Wealth Guardians are here to collaboratively help you overcome any barriers you may have when it comes to living the retirement lifestyle you\u2019ve always dreamed of. Click here<\/u><\/em><\/span><\/strong><\/a> or call our office to request a no-cost, no-obligation meeting. We\u2019ll work with you to establish a plan that will help you retire the job, but not the paycheck.<\/p>\n

\n

SOURCES:<\/em><\/p>\n

1. IRS.gov, 2020<\/p>\n

Distributions from Traditional IRAs, 401(k) plans and most other employer-sponsored retirement plans are taxed as ordinary income and, if taken before age 59\u00bd, may be subject to a 10% federal income tax penalty. The change in the RMD age requirement from 70\u00bd to 72 only applies to individuals who turn 70\u00bd on or after January 1, 2020. Once you reach age 72, you must begin taking required minimum distributions from your 401(k) or other defined contribution plan in most circumstances. Workers over 72 can still contribute to an IRA, 401(k) or other retirement accounts, depending on specific circumstances.<\/p>\n

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite, LLC, is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security.<\/p>\n<\/body>","protected":false},"excerpt":{"rendered":"

Are you one of the many retirement account holders who took a mandatory distribution this year? If so, you may be able to manage the taxes associated with Required Minimum Distributions (RMDs) from traditional IRAs and 401(k)s. 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