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July 16, 2020
The CARES Act and subsequent IRS guidance have created unique planning opportunities for IRA owners.
Planning Opportunity: You may want to consider converting a portion of your IRA to a Roth IRA in 2020. The process will be simpler because you don’t have to first satisfy the RMD rules. Plus, your account value may be lower due to the current market volatility, reducing your tax liability.
Planning Opportunity: If you don’t need the funds to meet current expenses, consider putting the RMD back in your IRA. Leaving the money invested now means you may have more down the road for the things you enjoy. That said, Qualified Charitable Distributions (QCDs) may still make sense to fulfill your charitable goals.
Planning Opportunity: Given the unique tax treatment, you might take advantage of this distribution if you need money, especially if you have limited funds available in taxable accounts or believe you’ll be able to repay the money and eliminate any tax consequences.
Our wealth planning specialists understand the nuances of the CARES Act and IRAs. Working together, they’ll help you evaluate these planning opportunities and others based on your circumstances.
Please read important disclosures here.
Doug is a Partner in the Chicago office and has more than twenty-five years of experience in managing client assets and advising wealthy individuals and...
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