As always, please find attached this week’s Weekly Market Review which is chocked-full of timely information.
The CARES Act was signed into law at the end of last week. It’s a giant bill and probably has some impact or relief for almost everyone. Our friends at Investopedia have published a nice article you can get here summarizing many elements of the CARES Act.
Additionally, please take time to pay special attention to changes in rules related to your money and/or investments. A few examples of recent changes due to the economic disruption caused by the COVID-19 virus include:
- The deadline to make your 2019 IRA/Roth or HSA contributions has been extended to July 15th, 2020 to match the new tax filing deadline. This link takes you to a timely article by Forbes regarding the matter.
- 2020 Required Minimum Distributions (RMD) including those typically required by someone who has inherited an IRA. See this link to a Forbes article detailing the specifics. Please keep in mind that this change does not automatically cancel your RMD. If you have a systematic plan in place to process your RMD and would to change it for 2020, please contact our office.
- Special rules giving account owners access to some of their retirement funds in 401(k) and IRAs have also been included in the recently passed CARES Act. Click here for a straight-forward explanation from Money/US News.
Please know the Levine Group is fully operational and remains committed to serving you during this unique time. Call or email us if we can help.
Trevor N. Coe, CFP®