Wealth Strategy Insights

Wealth Strategy: CARES Act – Retirement Distributions

17 April 2020

By: Nancy E. Anderson, J.D., CTFA, CAP, AEP, CEPA

The Coronavirus Aid, Relief and Economic Security Act of 2020 (“CARES Act”), which passed the House on March 27, 2020, and signed into law by President Trump brought the third COVID-19 stimulus package with provisions to offer financial relief to individuals and businesses through direct aid and changes to tax policy.

In this publication, we outline important provisions pertaining to qualified retirement plans, IRAs and charitable cash contributions. We will cover the key points across three sections.

Section I: Waiving of Required Minimum Distributions (RMDs) for 2020

Section II: Waiving of the 10% penalty for early withdrawals from retirement accounts loans from retirement plans for coronavirus-related expenses

Section III: The full deductibility of chartitable cash contributions

Read More