Required Minimum Distributions - Suspended for 2020

April 1, 2020

IRA holders that are age 70 ½ or older are generally required to take an annual Required Minimum Distribution from their IRA’s (which is then taxed as ordinary income).  The recently passed CARES Act has suspended the need to take the Required Minimum Distribution for 2020.  This also applies to holders of Beneficiary IRA’s.  If you are currently receiving automatic monthly disbursements from your IRA to satisfy your Required Minimum Distribution, and do not feel you need the funds, you can email our operations manager, Michelle Wick, at mwick@windcm.com to stop the automatic disbursements.  This notice only pertains to clients with automatic monthly disbursements to satisfy their 2020 Required Minimum Distribution.

If you wish to continue the automatic monthly disbursements from your IRA (for living expenses or any other reason), there is no need to do anything at this time.