{"id":11134,"date":"2020-04-13T18:31:24","date_gmt":"2020-04-13T18:31:24","guid":{"rendered":"https:\/\/udirectira.com\/?p=11134"},"modified":"2020-05-15T17:38:16","modified_gmt":"2020-05-15T17:38:16","slug":"cares-retirement","status":"publish","type":"post","link":"https:\/\/udirectira.com\/cares-retirement\/","title":{"rendered":"How the CARES Act Impacts Your Retirement Account"},"content":{"rendered":"<p>The CARES Act Retirement passed recently, and as a result, there are some changes to your retirement account to be aware of:<\/p>\n<h3><strong>RMD \u2013 Required Minimum Distribution Waived<\/strong><\/h3>\n<p>Are you 70+?\u00a0 The Required Minimum Distribution is waived for 2020.\u00a0 If you already took an RMD distribution, you can return it to the account so long as it is within 60-days of the withdrawal.<\/p>\n<p>If you are the spouse and\/or beneficiary and have an Inherited IRA, you are also exempt from having to take a 2020 RMD distribution.<\/p>\n<h3><strong>990t filings\u00a0 <\/strong><\/h3>\n<p>You file a 990t when your<a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/p598.pdf\"> IRA owes tax<\/a>.\u00a0\u00a0 If your 990(t) would be due on April 15, 2020 the filing date is now postponed until July 15, 2020.\u00a0 If the 990(t) would be due on May 15, 2020 then there is no postponement for time to file.<\/p>\n<h3><strong>CRD &#8211; Coronavirus Related Distribution<\/strong><\/h3>\n<p><strong>\u00a0<\/strong>Remember your annual contributions are <a href=\"https:\/\/udirectira.com\/contribute-to-account\/\">limited<\/a> and difficult to replace.\u00a0 The CARES Act allows you to take distributions:<\/p>\n<p>Up to $100,000<\/p>\n<ul>\n<li>Applies across all plans and IRAs of an individual<\/li>\n<li>CARES Act Retirement plans are also available to qualified plans such as 401(b) and governmental 457(b)<\/li>\n<\/ul>\n<p>Taking a Coronavirus Related Distribution?\u00a0 \u00a0To be eligible you must be:<\/p>\n<ul>\n<li>Diagnosed with the virus SARS-CoV-2 or with Coronavirus Disease 2019 (COVID-19) by a test approved by the Centers for Disease Control and prevention<\/li>\n<li>Have a spouse, or dependent who is diagnosed with such virus or disease by such a test or<\/li>\n<li>Experience adverse financial consequences as a result of being quarantined, being furloughed or laid off or having work hours reduced due to such virus or disease, being unable to work due to lack of childcare due to such virus or disease, closing or reducing hours of a business owned or operated by the individual due to such virus or disease, or other factors as determined by the IRS.<\/li>\n<li>State taxation rules will vary by state with the CARES Act Retirement Plan<\/li>\n<\/ul>\n<p>Like other <a href=\"https:\/\/udirectira.com\/exceptions-to-withdrawal-exceptions\/\">Exceptions to Withdrawal Penalties<\/a> you can take a CRD and the <strong>penalty<\/strong> is 100% waived.\u00a0 You can keep the funds and report the amount of the withdrawal over the next 3 years.\u00a0 Or, you can pay the funds back by depositing them into an IRA.\u00a0 Can you repay the IRA by sending the funds from a Traditional IRA to a Roth?\u00a0\u00a0 We have no guidance from the IRS on this matter, however, taking a distribution from a pre-tax account and paying it back to a Roth is not likely feasible.<\/p>\n<h3>Here is the latest IRS guidance:<\/h3>\n<p><a href=\"https:\/\/www.irs.gov\/newsroom\/coronavirus-related-relief-for-retirement-plans-and-iras-questions-and-answers\">https:\/\/www.irs.gov\/newsroom\/coronavirus-related-relief-for-retirement-plans-and-iras-questions-and-answers<\/a><\/p>\n<p>You have until December 31, 2020 to take a CRD withdrawal.<\/p>\n<p>As always, check with a competent tax advisor before tapping into your retirement account.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The CARES Act Retirement passed recently, and as a result, there are some changes to your retirement account to be aware of: RMD \u2013 Required Minimum Distribution Waived Are you 70+?\u00a0 The Required Minimum Distribution is waived for 2020.\u00a0 If you already took an RMD distribution, you can return it to the account so long&hellip;<\/p>\n","protected":false},"author":5,"featured_media":9261,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-11134","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How CARES Act Impacts Retirement Account | CARES Act Retirement<\/title>\n<meta name=\"description\" content=\"There are many ways the CARES Act can impact your retirement account, and you must be aware of them. 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