What about people on social security and social security disability? Will they be included in receiving a stimulus check? I haven’t seen anyone address this.
I am 66 years old make $12,000 a year on social security haven’t filed taxes in 3 years no one said I could I didn’t make enough money what’s my status
Usually, before doing a traditional IRA to Roth IRA conversion, you would need to take out any required minimum distribution first. Since the new Stimulus bill removes all RMDs for 2020, does this mean conversions to a Roth could be done from the get go?
That’s a real concern – and unfortunately too many people are convinced that only the wealthy own stock, and ignore the money in retirement accounts and pension plans.
We still plan to do some Qualified Charitable Contributions from our traditional IRA. (We are well over 70.) I assume these will still be allowed in 2020 even though there are no RMDs?
I don’t see why not . . . I’m not a professional financial planner but I can say that the only change in the law was to render the RMD requirement waived. Nothing else should change.
What about people on social security and social security disability? Will they be included in receiving a stimulus check? I haven’t seen anyone address this.
I am 66 years old make $12,000 a year on social security haven’t filed taxes in 3 years no one said I could I didn’t make enough money what’s my status
Usually, before doing a traditional IRA to Roth IRA conversion, you would need to take out any required minimum distribution first. Since the new Stimulus bill removes all RMDs for 2020, does this mean conversions to a Roth could be done from the get go?
If corporations that take loans are restricted from paying dividends, retirees will suffer! This provision should be amended or deleted!
That’s a real concern – and unfortunately too many people are convinced that only the wealthy own stock, and ignore the money in retirement accounts and pension plans.
We still plan to do some Qualified Charitable Contributions from our traditional IRA. (We are well over 70.) I assume these will still be allowed in 2020 even though there are no RMDs?
I don’t see why not . . . I’m not a professional financial planner but I can say that the only change in the law was to render the RMD requirement waived. Nothing else should change.