Time is Running Out to Undo 2020 Required Minimum Distributions

BNN article earlier this summer described the unique opportunity to undo a 2020 Required Minimum Distribution. However, that window of opportunity is coming to a close and will completely expire by the end of August. Individuals have until August 31, 2020 to return their 2020 Required Minimum distributions.

The decision whether or not to undo a 2020 Required Minimum Distribution (RMD) cannot be answered using a one dimensional, “one size fits all” approach. A number of factors will ultimately have to be evaluated before making a final determination to return the 2020 RMD; this would include, at a minimum, 2020 tax planning opportunities, cash-flow requirements, and investment considerations. What’s most important about this opportunity is that it comes to a screeching halt after August 31!