IMPORTANT DEADLINE COMING UP… AUGUST 31, 2020 FOR RETURNING MINIMUM REQUIRED DISTRIBUTIONS TO RETIREMENT ACCOUNT

IMPORTANT DEADLINE COMING UP… AUGUST 31, 2020 FOR RETURNING MINIMUM REQUIRED DISTRIBUTIONS TO RETIREMENT ACCOUNT

The IRS recently issued Information Release 2020-187 to remind individuals who received minimum required distributions (“MRD”) in 2020, they have until August 31, 2020 (MONDAY) to rollover or repay the distribution to their retirement plan to avoid paying additional income taxes. This safe harbor was provided in IRS notice 2020-51 and in the CARES Act and applies to most retirement plans.

 ADVICE: ACT QUICKLY!!!!

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