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.

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Required Minimum Distributions under the CARES Act {PFP Section}

AICPA Personal Financial Planning (PFP)