Quote:
Originally Posted by hollywoodz
Anyone that is over 70&1/2 that has a retirement account must make IRS required withdrawals every year, called RMD (Required Minimum Distribution) on which taxes are paid the following year. With the bloodbath these accounts have taken by the markets plummeting due to the virus (20%+?), and the senate working on a 3rd stimulus package, we need to call Senators Rubio and Scott's offices ASAP to have any such RMDs for this year postponed. Having to make these withdrawals from depleted accounts that a lot (most?) of us count on for daily living is a "double whammy" none of us can afford. This probably affects the majority of Villagers, I imagine. The senate switchboard number is, 202-224-3121. Time is of the essence Villagers!
|
Postponing the RMD this year would reduce your 2020 taxes. But, if you have a balanced portfolio of stocks, bonds, and cash, with 30 percent in stocks, then your total investments are only down about 10 percent so far this year, and we haven't even gone through the first quarter. So, I think it is too soon to pass a law that would postpone the RMD.