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CARES Act Waives Required Minimum Distributions in 2020

CARES Act Waives Required Minimum Distributions in 2020

November 10, 2020
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As a reminder to the trusted friends and clients of Impel Wealth Management, the passage of the CARES Act earlier this year waived required minimum distributions (RMDs) for 2020. This waiver applies to the RMDs for both IRAs and company retirement plans. It also applies to beneficiary traditional and Roth IRAs as well. 
Remember, if a withdrawal is needed from an IRA, it can still be taken- it is just not required. For those who are charitably inclined, the ability to use a distribution from an IRA for a qualified charitable distribution is still available and must be completed before December 31st.
For our clients whose RMDs are scheduled to be distributed on an automated basis between now and the end of the year and would like to have their distributions suspended, please reach out to Karen Johnson or Megan Coulter on our team who would be more than happy to assist you. As always, we strive to keep you informed of your options so you can make well-informed decisions as we keep Moving Life Forward together.