Hot Money Management News!

This  in from Fidelity Investments :

Are you over 72 years of age? You may waive your 2020 required minimum distribution (RMD) from a retirement account this year due to the Coronavirus Aid, Relief, and Economic Security (CARES) Act, passed on March 27, 2020. To stop your automatic withdrawal for 2020,  just go to your IRA or 401 (k) account and change your status from “active” to “inactive.”

If you have already taken all or part of your 2020 RMD, you should talk with your tax advisor to see whether you’re eligible and may have the option to return the funds to your retirement account through a 60-day rollover contribution.

If you don’t need that money this year, this is a great way to avoid a whole helluva lot of income tax due the feds and state of Hawaii.

Published by Bob Jones

Journalist since age 19. St. Petersburg Times, Noticias y Viajes in Madrid, Overseas Weekly in Frankfurt and Paris, the Louisville Courier- Journal, the Honolulu Advertiser, KGMB-TV, NBC News foreign correspondent in Africa and Southeast Asia, and MidWeek columnist. LL.B LaSalle University Law. 3 years in the U.S. Air Force. Covered: Vietnam War, Iraq #1 in 1991. George Foster Peabody Award for distinguished journalism for reporting in China. Married to Denby Fawcett, one daughter. Brett Jones.

2 replies on “Hot Money Management News!”

  1. All of my IRA has been liquidated and deposited in a money market account at a bank accruing more interest than I got from my IRA. David is slowly liquidating his IRA without incurring income tax. But, hey, good advice, Bob.

Comments are closed.

%d bloggers like this: