, a certified public accountant and retirement expert, the RMD waiver saves people from having to draw on their deflated balances if they don't need to.
"This will provide great help, because most 2020 RMDs are based on the retirement account value on December 31, 2019, when the Dow was 28,462 compared to where it is today; around 22,000 as of this writing," SlottIf Congress hadn't extended this relief to investors, Slott added, you would have had to "withdraw a greater percentage of your IRA or plan balance and pay a big tax bill on value that no longer exists.
To be sure, the RMD waiver isn't most beneficial for people who are struggling to pay expenses because of the pandemic. If you do need the money, you'll be able to withdraw whatever amount you need — there's no minimum or maximum limit this year — and pay taxes as usual. Social Security recipients have also receivedThe big-picture benefit of the RMD suspension for 2020 is that retirees don't have to abide by the normal rules.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Facebook's bad week, inside The Athletic, and Red Bull's reckoning - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. I thought he had enough money to get a decent haircut Don't give up Mark!
Source: BusinessInsider - 🏆 729. / 51 Read more »
Inside Orum House, the Bel Air mansion shaped like a propeller: photos - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Prefer the house of Bill Gates at Seattle: a mix of human warm in natural paradise with all possible Tech inside. Elegancy and classy are not an invention, are ancient education in ancient dna🤩👏👏👏👏👏👏👏👏👏👏👏❤️
Source: BusinessInsider - 🏆 729. / 51 Read more »
An inside look at Stanford's mental health innovation course - Business InsiderAn inside look at Stanford's one-of-a-kind course on mental health innovation, where students mingle with industry experts and develop business plans aimed at revolutionizing the healthcare industry (by AnikaNayak)
Source: BusinessInsider - 🏆 729. / 51 Read more »
US banks seek guidance on PPP loan forgiveness - Business Insider - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Trade war: US plans fresh $3.1 billion tariffs on European goods - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Great idea. When in the midst of a recession and high unemployment, what you want to do is to make goods more costly for Americans by imposing new taxes. Who says Trump is a moron? AllRoadsLeadToPutin TraitorTrump
Source: BusinessInsider - 🏆 729. / 51 Read more »
Resale sector exploding, set to hit $64 billion in 5 years, report - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »