Today we take a slight break from market update articles and provide you an article about a provision in the stimulus bill that was signed last week. After 3 very strong days off of Monday’s low, the market did give back a portion of those gains Friday, but still was positive for the week. Friday's selloff was to be expected after the 3 prior strong days and going into the weekend.
The following article discusses changes to IRAs and RMDs contained in the stimulus legislation. All RMDs are suspended for 2020, meaning you are not required to take any distributions for 2020. You are still allowed distributions if needed, but it will not be required. In addition if you are under 59 ½ you can take up to $100K without penalty. This should be a last resort, but is available should you absolutely need to utilize it.
On a related note, in guidance from the Treasury department, the deadline for funding your 2019 IRAs has been extended to July 15 to coincide with the new tax filing date for this year only.
Enjoy the extra time with your family and stay healthy. We will be in touch later this week with more market updates.