• Wellness & Well-being: Staying inside means we can't always move our bodies in conventional ways. Clear out any unwanted energy with all of Down Dog's apps for FREE until May 1st. Extend your free access to July 1st if you're a student, teacher, or healthcare worker. Head over to downdogapp.com for more information on how to register.

• We may not be able to dine out these days, but there are a few things we can do to help out our local establishments: Order take out, purchase gift cards, and even donate.Please consider taking a look at and contributing to the cause at one of our favorites - Martine’s Riverhouse.

IRA & Retirement Plans Changes in The CARES Act

2019 IRA Contribution Deadline

The deadline for filing an individual’s 2019 income tax return is extended to July 15, 2020. Because the due date for filing Federal income tax returns has been postponed to July 15, the deadline for making contributions to your IRA for 2019 is also extended to July 15, 2020.” 

Required Minimum Distributions (RMDs) – You DON’T’s need to take them

• RMDs are suspended for 2020 for IRAs & employer retirement plans, 403(b), and 457(b) plans

• First-timers (those who turned 70 ½ in 2019) get to suspend delayed 2019 RMD as well as 2020 RMD

• Stretch (or beneficiary) IRA RMDs assumed to be suspended as well (although still waiting on clarification from IRS)

• 2020 ignored as a year for the 5-year stretch rule

Planning opportunities:

• For those who already took their RMDs for 2020 – You CAN roll them back either as a 60-day rollover (if applicable) OR rollover as a Coronavirus-Related Distribution

• Consider Roth IRA conversion (and they can be done in-kind) this year to minimize tax consequences