If you are planning on taking or have taken your required minimum distribution from your retirement plan this year continue reading. The Coronavirus Aid, Relief and Economic Security (CARES) Act waived required minimum distributions from certain qualified retirement plans and IRAs for 2020. Acknowledging that many taxpayers may have already taken their required minimum distribution for 2020, the CARES Act also allows for a 60-day replacement period for account holders and beneficiaries to return required minimum distributions taken this year. On Tuesday, June 23, 2020, the IRS issued Notice 2020-51 which extends the period that account holders and beneficiaries have to return required minimum distribution taken from qualified retirement accounts this year until August 31, 2020.
For the latest COVID-19 updates, please visit Gunster’s COVID-19 resource page.
We hope our clients and their families stay safe during these unprecedented times. Gunster’s Private Wealth Services team is committed to providing our clients the first class service they have come to expect and we are here to help in any way we can.
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This publication is for general information only. It is not legal advice, and legal counsel should be contacted before any action is taken that might be influenced by this publication.
Gunster, Florida’s law firm for business, provides full-service legal counsel to leading organizations and individuals from its 11 offices statewide. Established in 1925, the firm has expanded, diversified and evolved, but always with a singular focus: Florida and its clients’ stake in it. A magnet for business-savvy attorneys who embrace collaboration for the greatest advantage of clients, Gunster’s growth has not been at the expense of personalized service but because of it. The firm serves clients from its offices in Boca Raton, Fort Lauderdale, Jacksonville, Miami, Orlando, Palm Beach, Stuart, Tallahassee, Tampa, Vero Beach, and its headquarters in West Palm Beach. With over 200 attorneys and 200 committed support staff, Gunster is ranked among the National Law Journal’s list of the 500 largest law firms and has been recognized as one of the Top 100 Diverse Law Firms by Law360. More information about its practice areas, offices and insider’s view newsletters is available at www.gunster.com.