Resources for Advisors

In IR–2020–124 and IR–2020–127, the Service announced new rules to assist IRA owners who are impacted by COVID–19. The Coronavirus Aid, Relief, and Economic Security (CARES) Act offered IRA owners several benefits designed to enable them to cope with the pandemic. The CARES Act included three specific provisions to assist IRA and other qualified retirement plan owners. First, there is a waiver of required minimum distributions (RMDs) for 2020. The RMD waiver was created because IRA RMDs were calculated in December 2019 when assets were at record high values. Second, an IRA owner impacted by COVID-19 may take a distribution up to $100,000. There is no 10% penalty tax for individuals under age 59½. The IRA owner may choose to re-contribute the distribution within three years with no penalty. Alternatively, he or she may choose not to recontribute the funds...

The GiftLaw Calculator is a planned gifts calculator for professionals that follows the IRS format. Click here to access and run charitable deduction calculations for your favorite gift plan...