If you're age 72 or older (or happened to turn 70 1/2 in 2019), you normally need to take a "Required Minimum Distribution" from any IRA or other Defined Contribution Retirement Plan.
Part of the Relief Plan just signed into law last Friday gives a full waiver from RMDs for tax year 2020. So IF you would prefer to leave that money in the retirement account (and hopefully it'll gain back some of recent losses), you are free to do so for 2020.
We wanted to let you know so you could halt further payments if you choose to do so!
Stay safe,
Mark, Alyssa and the Fox Tax Team
Before emailing your tax accountant, please see links below:
Use the links above for all of our current resources. We're doing our best to keep you informed, file as many tax returns as possible AND field your personal questions (while working in isolation from our entire support staff). We are very grateful for your patience and understanding in this strange time.
