2020 Tax Planning |
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2020 Tax Planning

KDD Consulting / Tax Planning  / 2020 Tax Planning
17 Aug 2020

2020 Tax Planning

Tax Planning

Some key items to know for 2020 Tax Year:

  • If you don’t itemize on your personal taxes (Schedule A of Form 1040), you may still be able to take an ‘above the line’ deduction up to $300 for Charitable Contributions.
  • The RMD has changed to age 72 IF you reached age 70.5 after 2019.
    •  If you are required to take the RMD in 2020, you may skip it without penalty.
  • If you took money out of your 401k or IRA in 2020 (Coronavirus related):
    • you may include the distribution in equal installments over 3 years, or
    • even undo the tax consequences by paying it back into the account within that 3 year period.
    • Also, there will not be a 10% penalty if under 59.5 years old.
    • Your Financial Advisor can give you more details, or go to IRS.GOV.
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