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Feature Article by Stephen Lendman
Important Information for US Seniors with Retirement Accounts
by Stephen Lendman (stephenlendman.org – Home – Stephen Lendman)
US seniors with retirement accounts must make Required Minimum Distributions (RMDs) quarterly and incur a federal tax obligation.
This obligation was suspended during the 2008 financial crisis, at the time well-publicized.
Under CARES Act legislation, passed by Congress and signed into law by Trump on March 27, RMDs were suspended for 2020, resuming in 2021.
Unlike in 2008, this benefit largely passed under the radar. I didn't know about it when writing about the CARES Act.
I do now and wanted to share the information with others able to benefit, reducing or perhaps eliminating their 2020 federal tax obligation.
The law applies to IRA and other retirement account holders who initiated them on their own, along with individuals who inherited one or have a beneficiary IRA.
It does not apply to others with
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