Name:	GoneFishin -	Reply
Subject:	2020 IRA FYI
Date:	4/5/2020 8:43:16 PM (updated 4/5/2020 8:50:05 PM)

The Care Act has a provision, that anyone required to take a minimum distribution from their IRA, will not be required to take a distribution for 2020. The reason is that the value used to calculate the distribution is based on the value as of December 31, 2019. Since the market has fallen, the distribution would be based on a value that is much greater than the current value.

Also,  if you have a IRA that has a much lower value, you might consider converting to a Roth based on todays lower value and then earn future increases tax free. You do have to pay taxes on the amount your convert.

Disclaimer....check with your accountant or Google the Care Act for yourself.

Name:	MartiniMan -	Reply
Subject:	2020 401(k) changes as well
Date:	4/6/2020 8:59:55 AM

For those with 401(k) accounts there are some new rules that allow distributions without penalty.  Like the IRA rule change, check with your tax advisor.  And needless to say, given the markets today it would be wise not to pull money out but if there's a need it is there for you to utilize.

Name:	lucky67 -	Reply
Subject:	2020 IRA FYI
Date:	4/6/2020 12:50:57 PM

a law passed LAST YEAR--deferred RMD's for those 70 1/2 this year to 2022--had nothing to do with virus