CARES Act and IRAs

CARES Act and IRAs

Friday, April 17, 2020

The CARES Act provides options for IRA owners who are struggling as a result of COVID-19. We have highlighted a few points of interest below for your information. Please contact a customer service representative at Bruning Bank if you feel any of the situations apply to you and would like more information.

  • Penalty tax for early IRA withdrawals waived in qualifying hardship scenarios as a result of COVID-19.
  • Required Minimum Distributions (RMDs) suspended for 2020 on Traditional, SEP and SIMPLE IRAs.
  • Certain situations will allow individuals who have already taken their 2020 RMD to roll it back into their IRA.

For more infomation on the background of the CARES Act, click here.

Coronavirus Tax Relief and Economic Impact Payments questions? Visit the IRS's site or contact Bruning Bank.

We are here for you. We will get through this together.