CLASS RACER FORUM - View Single Post - Stimulus/Corona Virus Act

Rich Biebel · 03-29-2020, 02:18 PM

“You do not have to take a 2020 Required Minimum Distribution from your IRA, if you want. Our IRA's have taken a hit lately, this allows you to leave the funds in and (hopefully) watch the account recover.”

Thankyou for that info Julie.
For me that is helpful.
The IRS also lifted the age limit on IRA contributions starting 2020 I believe and those two things really helps if you’re working and well past the usual retirement age as I am.

You save it but end up giving some of it back in taxes.

03-29-2020, 02:18 PM	#7
Rich Biebel VIP Member Join Date: Jun 2007 Location: Northern New Jersey suburbs Posts: 2,314 Likes: 25 Liked 544 Times in 213 Posts	Re: Stimulus/Corona Virus Act - help for small business “You do not have to take a 2020 Required Minimum Distribution from your IRA, if you want. Our IRA's have taken a hit lately, this allows you to leave the funds in and (hopefully) watch the account recover.” Thankyou for that info Julie. For me that is helpful. The IRS also lifted the age limit on IRA contributions starting 2020 I believe and those two things really helps if you’re working and well past the usual retirement age as I am. You save it but end up giving some of it back in taxes. __________________ Rich Biebel S/C 1479 Stock 147R