By: Ivan Lukic
New updates from the Internal Revenue Service regarding required minimum distributions, or RMDs.
On June 23rd, the IRS announced that everyone who already took their RMDs from selected retirement accounts on or after January 1, 2020 can return the money back, delaying taxes on that money. For all of those who wish to use this opportunity, the original 60-day rollover period has been extended to August 31st of 2020. This change applies to defined-contribution plans and does not apply to defined-benefit plans. To determine if you should take advantage of this situation, we recommend consulting your tax advisor. For more information please click here.
Ivan Lukic has an MBA from James Madison University and currently resides in Charlotte, NC.
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