What RMD?
Are you use to taking a required minimum distribution? Was this supposed to be the first year you had to take one? Good news! The CARES act waves this distribution requirement. What does this really mean for you? This could mean a few things:
If you do not need the money to pay your current expenses, you could leave this money in your retirement account to recover and grow until next year.
You could further your retirement and estate planning by looking at a Roth conversion.
How do you determine which you should do? There is not one equation for everyone. The main thing you need to look at is how do you see your future playing out.
If you are curious to see the tax aspects of this decision please contact us at michael@accountingpersonalized.com or call us at 352-224-9530.
