Required Minimum Distributions under the CARES Act {PFP Section}

Guests:  Ed Slott, CPA and Bob Keebler, CPA/PFS

In the multitudinous legislation that is unfolding as a result of the coronavirus pandemic, the IRS has issued relief from taking required minimum distributions (RMDs) from IRAs and employer sponsored plans under the CARES Act. Bob Keebler, CPA/PFS, interviews Ed Slott, CPA, in this fast-paced, jam-packed episode about the impact of the CARES Act on RMDs:

• What is the new RMD rule under the CARES Act and how does it work?
• Who is eligible to waive the RMDs and who does it benefit?
• What are the tax planning strategies you should consider?
• How does this provision impact the 5-year rule and IRAs without a designated beneficiary?
• What if you already took your RMD and you don’t need it?
• How do you piece together the various guidance and relief to understand the rules?

Access the related resources from this podcast:

• Relief for Reporting Required Minimum Distributions for IRAs for 2020 - https://www.irs.gov/pub/irs-drop/n-20-06.pdf
• Additional Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic - https://www.irs.gov/pub/irs-drop/n-20-23.pdf
• Time for performing certain acts postponed by reason of service in a combat zone or a federally-declared disaster - https://www.irs.gov/pub/irs-drop/rp-18-58.pdf
• Visit https://www.aicpa.org/pfp/covid19 to find a client alert that explains the highlights of the CARES Act, including relief for retirement plan provisions.
• Visit aicpa.org/covid19tax to find tax guidance and more.

The episode is brought to you by the AICPA’s Personal Financial Planning Section (www.aicpa.org/pfp), the premier provider of information, tools, advocacy and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice and by the CPA/PFS Credential (www.aicpa.org/pfs) program which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community and gain access to valuable member-only benefits.

Don’t miss an episode – subscribe to our podcast series on iTunes or Pod-o-Matic or Spotify! Just search for “AICPA Personal Financial Planning” on any Apple, Android or Windows device.