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RETIREES GET A BREAK ON IRA DISTRIBUTIONS

By Sandra Block – Kiplinger’s Personal Finance.

The coronavirus stimulus package, known as the CARES Act, allows retirees who are 72 or older to skip required minimum distributions from IRAs and other tax-deferred accounts for 2020, writes Sandra Block for Kiplinger’s. With the RMD waived, does it still make sense to make a qualified charitable distribution this year? Qualified charitable distributions offer other benefits, says Mari Adam, a certified financial planner in Boca Raton, Fla. A QCD will reduce the size of your IRA, which means that future RMDs will be smaller, and your tax bill will be smaller, too. (Read the full article here)

04 Jun, 20