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Surgent's New IRS Guidance on 2020 RMD Rollover Rules and Coronavirus-Related Distributions (NIRD)

  • 08/19/2020
  • 12:00 PM - 2:00 PM
  • NIRD-2020-01-WEBNR-232-01

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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

Learning Objectives:

    • Advise clients on how to roll over waived RMD amounts that were otherwise not permitted to be rolled over
    • Explain the transitional rules for RMD requirements that changed as a result of the SECURE Act
    • Describe the rollover rules that apply to coronavirus-related distributions
    • Understand and communicate the tax benefits of coronavirus-related distributions that are not rolled over 
    • Detail the tax reporting requirements for coronavirus-related distributions

    Topics Discussed:

      • 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

          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

          Level: Basic

          Instructor: 

          Denise Appleby, MJ, APA, CISP, CRPS, CRC

          CPE Credits: 2

          Area of Study: Taxes (Technical) 2


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