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From: Laura Stohlman, CFP®
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is a relief bill passed by Congress in March 2020 to provide economic relief to Americans during this pandemic emergency. This bill has suspended the required minimum distributions (RMDs) from Retirement Accounts for 2020.
Who does this affect? Anyone with an RMD (Required Minimum Distribution) due in 2020 receives a waiver from that requirement for this year. This affects IRA, 401(k), 403(b) accounts as well as beneficiaries of inherited IRAs.
This is a waiver from the requirement. However, you can still take the distribution if you need it for cash flow purposes.
This is a good thing for people who want to avoid losses from having to take an RMD while the market is down. If you are receiving your RMDs through monthly automatic transfers from your IRA to your bank you can elect to stop those if you choose.
What if you already have taken your 2020 RMD? We are currently awaiting guidance from the IRS for options if you have already taken your 2020 RMD.
Can RMDs still be used for charitable gifts? Although the RMDs are waived for 2020, you can still use your IRA distribution amount to give to charity. If the funds are moved directly from your IRA to the charity they are excluded from your income.
Do you have questions? Medallion Financial Group is here to assist you with any changes or questions regarding your RMD planning. Please give us a call!
This information is not intended to be tax advice. Please consult your personal tax consultant or adviser to determine the best course of action for your situation.(Read this actual Letter PDF)
From: Laura Stohlman, CFP®
We want to provide a brief update on the steps Medallion Financial Group is taking to protect our employees and our ability to serve you throughout and beyond the crisis.
Please know all of the Medallion Financial Group staff is healthy, in good spirits and eager to continue to adapt as needed to serve our clients and families.
While we are continuing to monitor the situation closely, the office is fully functional and will remain operational through this ordeal.
If you, a family member, friend or colleague would like to speak with us about anything that is going on, please just call 301-990-9704 and schedule a conversation. We are working from our end to reach out as well.
Finally, we are praying for each of you; that you and your loved ones stay healthy and safe throughout what may be a very trying time. Remember, that the more we care about and for each other, the better we will get through this…together.(See the actual letter PDF)
Laura's dedication to putting her client’s first, pursuing their best interest and making a difference in their lives began over 35 years ago. As an independent financial advisor, she helps her clients to achieve their personal and financial goals through money management or insurance as needed. She is a published author of Navigating Your Federal Benefits, designed specifically for Government employees. Laura’s faith give her her passion for serving her clients and her community believing what it says in Colossians 3:23 “Whatever you do, work at it with all your heart, as working for the Lord, not for human masters,” — She also works with community outreach programs, enjoys ballroom dancing and fishing. READ MORE.
John Stohlman has been assisting his clients with Investments, Insurance and as a financial consultant specializing in retirement and estate planning for over 30 years. He is a published author of Navigating Your Federal Benefits, designed specifically for Government employees. John’s Mission is helping his clients identify their deepest values, set personal & financial goals, and manage the complex decisions and risks involved in achieving them. He also enjoys working with community outreach programs, ballroom dancing, fishing, racketball and walking the dog. READ MORE.
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