CARES Act

With the combination of the lower 2020 tax liability, the possibility of future income tax increase, as well as potentially lower portfolio values, current circumstances created a game-changing environment for Roth conversions.

The CARES act, signed in March, is designed to provide relief to people due to the effects of Coronavirus. One provision in the CARES Act changed Required Minimum Distribution options for 2020. We re-post this blog from March of this year with updated guidance from the IRS.

The potential benefits of the CARES Act go much further than the most widely known benefit of the stimulus money being deposited into your account. The CARES Act includes financial planning changes that can help you. Here are two of the changes that I believe have the largest impact for clients that I work with.