RMDs

The rule change is designed to have an impact in the fight against COVID-19 and applies only to donations made to charitable organizations, an expert says.

How will the relief package impact retirement accounts? CPA Ed Slott fields this and other top financial planning queries.

“Concerns over the program's ability to pay promised benefits have been around for a long while, but they're heightened,” an expert says.

Clients may consider rebalancing their portfolio more often to address asset allocation shifts as a result of the downturn.

A rule designed to prevent simple deduction abuses brings significant complexity to planning.

The IRS now says some unwanted RMDs can be undone, eliminating the tax bill

Cash-strapped taxpayers may consider waiting until the new deadline to pay or to request a payment plan to buy more time to settle their tax bill.

Seniors should focus on what they can control — such as their reaction to market volatility and their long-term savings.

The passage extends the IRA contribution deadline and waives RMDs for 2020. Here’s what else financial advisors need to know.

“[By extending the tax deadline], they automatically extended the deadline to make an IRA contribution last year,” an expert says.