The coronavirus-related distribution (CRD) rules for Roth conversions have a gaping hole. An “affected person” (as we have defined in previous blogs), is entitled under the CARES Act to withdraw up to $100,000 from their IRA or workplace retirement plan.
The recently-‐enacted Coronavirus Aid, Relief, and Economic Security Act (CARES Act) signed by President Trump on March 27, 2020, allows “qualified individuals” to take up to $100,000 of penalty-‐free IRA and company plan withdrawals during 2020. “Qualified individuals” include those
Top 10 IRA Mistakes to Avoid Taking the wrong RMD amount. Taking distributions too early. Failure to properly identify designated beneficiaries. Not knowing the special rules for spousal IRA beneficiaries. IRA beneficiaries fail to take advantage of a stretch option.