IRS Tax Guide for Distributions from Individual Retirement Arrangements (IRAs), Publication 590-B (2019)
IRS Tax Guide for Distributions from Individual Retirement Arrangements (IRAs), Publication 590-B (2019)

How to Read IRS Tax Guide for Distributions from Individual Retirement Arrangements (IRAs), Publication 590-B (2019) RTF

Automatic 60-day extension. Certain taxpayers affected by federally declared disasters declared after December 20, 2019, may be eligible for an automatic 60-day extension for filing, paying their taxes, and other administrative deadlines. See 60-day automatic extension for more information. Disaster tax relief. Recent legislation contains special rules that provide for tax-favored withdrawals from and repayments to certain retirement plans (including IRAs) for taxpayers who suffered economic losses as a result of certain major disasters that occurred in 2018, 2019, and early 2020. See Disaster-Related Relief, later, for information on these special rules. Also see the Instructions for Form 8915-C, Qualified 2018 Disaster Retirement Plan Distributions and Repayments, and the Instructions for Form 8915-D, Qualified 2019 Disaster Retirement Plan Distributions and ReWhat’s New for 2020 Required minimum distributions (RMDs). For distributions required to be made after December 31, 2019, the age for beginning mandatory distributions is changed to age 72 for IRA owners reaching age 70 ½ after December 31, 2019. The required beginning date for IRA owners who haven't reached age 70 1/2 by the end of 2019 is April 1st of the year following the year of the owner’s 72nd birthday. Modification of required distribution rules for designated beneficiaries. There are new required minimum distribution rules for designated beneficiaries upon the death of the IRA owner after December 31, 2019. All distributions must be made by the end of the 10th year after death, except for distributions made to certain eligible designated beneficiaries.

  • Released: August 5, 2017
  • Author: U.S. Internal Revenue Service (IRS)
  • Rating: 5
  • Publisher: Ebook Store Group
  • Total Page: 209 pages
  • File Size: 2242 KB

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