Notice 2020-51 solves ALL the problems that people may have run into when trying to roll back unwanted 2020 'RMDs'.
First of all, the 60-Day window rollover window is extended to the later of 60-days after a distribution was received, or August 31st.✅
Next issue... the once-per-year rollover issue. Well, apparently, that's no longer an issue either. Notice 2020-51 says that the IRS will not count the rollover as a rollover for purposes of the once-per-year rollover rule.
To be clear, there is ABSOLUTELY NO LEGAL BASIS...
Now unless you've been sleeping under a rock for the past 68 days (yes, that's the exact number of days it's been since the CARES Act was passed... though it feels more like 84 years to many of us), you've heard about the #PPP program and probably know the basics. But...
. @ManasaSogNadig I'm not an expert in visas, so I'm going to 'punt' on that part. But in terms of the rules for the #PPP, it explicitly excludes only those workers "whose principal
23 place of residence is outside of
24 the United States."
OK, kids are finally asleep, so it's time to nerd out on the SECURE Act for a little bit (i.e. the next few hours). Buckle up...
Let's start w/ the big news... the 'Death' of the 'Stretch'. In fairness, it isn't dying a complete death...
It's just that MUCH fewer people will qualify to be able to stretch distributions. Instead, most new (more on this in a bit) designated beneficiaries will have to empty inherited retirement accounts by the end of the 10th year following the year of death.
Notably, there will be no required minimum distributions during the first 9 years. Rather, whatever is left in the account just has to be emptied by the end of 10th year. This will be of help to a small number of beneficiaries, but hurts those who wanted to stretch.