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August 18, 2020 "The Deadline for Retirees to Return Unwanted RMDs Is Almost Here"
by Elizabeth O'Brien Some older Americans will get a special tax break this year. But if you’re eligible and you don’t act fast, you could lose it. Retirees aren’t required to take minimum distributions (RMDs) from their retirement accounts in 2020. If you withdrew money earlier this year and don’t need it to live on, then you have until Aug. 31 to return it if you don’t want those funds counted toward your income for the year.
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By MONEYby Elizabeth O'Brien Some older Americans will get a special tax break this year. But if you’re eligible and you don’t act fast, you could lose it. Retirees aren’t required to take minimum distributions (RMDs) from their retirement accounts in 2020. If you withdrew money earlier this year and don’t need it to live on, then you have until Aug. 31 to return it if you don’t want those funds counted toward your income for the year.