t’s Friday, April 3rd 2020, about 3:30 p.m., right before the market closed and we’ve had another down day in the markets today.
More importantly, in this video I wanted to share with you that Required Minimum Distributions (RMDs) for anybody that has to take out an RMD this year, or for anybody that’s already in the RMD phase.
RMDs will no longer be due for anyone in the country, in the year 2020, because all of this happening with COVID-19 and the virus, so one of the many things in the stimulus package that Congress put out is that RMDs, whether they’re your own RMDs or whether they’re inherited. R&D are not due period in 2020 now.
If you’ve already taken out your R&D before the stimulus package just came out, sorry about that. You took it out and you can’t put it back in. You’re kind of grandfathered in and that’s a done deal.
But if you have more empties due in 2028 you haven’t taken them out yet you do not have to take them out for 2020 that’s new in the stimulus package that you can see here that Congress just passed many new rules that we’re trying to get a hold of and grasp of right now.
Another rule that change is that Congress is going to allow anybody to which role money is out of your 401k even if you’re out under 59 and a half without any penalty.
If you have any questions about how RMDs will affect you this year in 2020, if you have any questions about your 401k and the new rules that are going to apply for, just give us a call, or shoot us an email, or go to our website. Complete a form to have a complimentary consultation and have your questions answered. https://www.abichfinancial.com. Thank you.