The IRS recently issued guidance on the retirement provisions included under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, relating to 2020 RMD waivers (non-RMD) and coronavirus-related distributions. Guidance includes exceptions that allow otherwise ineligible taxpayers to take advantage of non-RMD rollovers and other benefits. Advisors must notify clients now since August 31, 2020 is the deadline to take advantage of some of these provisions. Join us as we explain how you can use the exceptions and waivers provided in these two critical pieces of IRS guidance to help your clients.
DESIGNED FOR
Advisors and tax return preparers who need to know the tax benefits of coronavirus-related distributions, the tax reporting requirements that apply to coronavirus-related distributions, and the 2020 RMD waiver provisions
HIGHLIGHTS
- Rollover of 2020 RMDs
- The provisions that allow beneficiaries to roll over RMDs
- How to avoid the one-per-12-month limitation on IRA-to-IRA rollovers
- The carve-out provisions made for RMD changes under the SECURE Act
- How 2021 RMDs are affected by these changes
- How to identify clients who are eligible for a coronavirus-related distribution
- The tax treatment of coronavirus-related distributions
- The steps that clients need to take to benefit from the advantages of coronavirus-related distributions
- How post-2020 distributions and rollovers could affect the tax treatment of coronavirus-related distributions
- Tax reporting requirements and exceptions for coronavirus-related distributions
COURSE LEVEL
Basic
PREREQUISITES
None
ADVANCE PREPARATION
None