Do you know what to do with your RMD for 2020? As deadlines are approaching, watch this week's Arista Advice to help you understand.
Hello, welcome to Arista Advice. Question of the week is: "Paul, do I need to take my RMD for 2020?"
Because of the Coronavirus Aid, Relief, and Economic Security Act that was passed by Congress in March of 2020, because of COVID-19, those who hold certain retirement accounts can bypass and not take the RMD, and then those that have taken the RMD need to return the money by August 31 of 2020.
If you've taken it, don't worry. If you don't need it, certainly return it and allow the tax deferral to continue to grow for you.
Hope you have a great week. Give us a call. Please remember to go to AristaWealth.com for other tools, tips, and videos to help you with your financial wellness. Have a great day.