For those of you who were taking Required Minimum Distributions from your IRA and because of the CARES Act, pushes paused for 2020, you’ve got a unique opportunity. You’ll need to check if your marginal tax bracket has dropped as a result of you taking less income. If you’ve dropped from the 22% bracket to the 12%, then you might want to consider rolling some of your traditional IRA and locking in this unique tax situation you find yourself in. Presuming there’s no CARES Act in 2021, you know your income is going to go right back to the higher tax bracket next year so you might as well take advantage. Obviously, make sure you consult your financial professionals before you do anything.
Submitted August 22, 2020 at 09:48PM by CuriousernCurioser https://ift.tt/3glhAtq
