New tax laws due to
Corona Virus Pandemic
In general, retirement plan account owners must withdraw required minimum distributions (RMDs) annually starting with the year they reach 72 (70½ if you reach 70½ before January 1, 2020). The CARES Act suspends RMDs for 2020. What does this mean?
In A Nutshell
The government is working fast and furiously to get needed financial relief to you as soon as possible. The recently passed Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides that relief in a number of ways.
The CARES Act (H.R. 748) is designed to provide economic relief for American citizens and business due to the COVID-19 healthcare emergency that has greatly impacted the U.S. economy. In addition to the stimulus checks and unemployment benefits the bill provides, the legislation also expands how workers can use their healthcare benefits accounts.