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Campfire Ranger
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Do what you must. There is no penalty for not taking your 2020 RMD. If you take the money out when you don't have to and reinvest it you are immediately in the hole for the amount of taxes you paid. If investments made with that RMD money fall in value you are further in the hole (by the amount of tax paid) than had you left the money in. If you do not take money out and your investments go down, they are valued exactly the same as if you had taken the money out. BUT, and this is a big BUT you have not paid the tax so you are ahead by the amount of taxes you would have paid. The reverse applies if your investments go up. To me it makes sense to not take an RMD unless required or you need the money for other than investment purposes, say to buy a second or third home or more guns.
I think that you’ll find that you are now required to take your 2020 based RMD (formula applied to total amount of IRA at the close of 12/31/2020). in this 2121 calendar year. Failure to do that has rather severe financial penalties. That could well be true. All I was saying is that you are not required to take the 2019 RMD. This is from Vanguard and my CPA. I pay my CPA very well to deliver me from severe financial penalties. And I trust Vanguard, been with them for decades. Blah, Blah, Blah through several epistles. Ever been to Malvern on such business? Quite a few folks are "with" Vanguard - probably including quite a number at the Campfire. Here, we don't pay a CPA "well" - we dont't pay one even a penny. But, somehow we understand RMD's, tax avoidance strategies, gain on investments, etc. Is there something special and exemplary to be gained from your epistles?
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Yes. If one has the education and intelligence to understand them.
I'm not sure you will benefit.
www.paracay.comIt's better to live rich than die rich. Live simply so that I may simply live large.
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Campfire Ranger
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Campfire Ranger
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Yes. If one has the education and intelligence to understand them. I'm not sure you will benefit. Well, your "Yes. If -" would seem to apply to almost any information source, if unique and relevant. Your uncertainty is justified - for I am not sure either. It becomes a challenge when dealing with solipsistic and bloviated aeriform.
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Hilarious
SirSpanksAlot going mano y Mano with Old Tooter
LOL
FUGK CCP
It’s time to WAKE UP
GOD BLESS THE USA
WWG1WGA
THERE ARE NO COINCIDENCES
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CCCCCC---You are obviously not up to the challenge
www.paracay.comIt's better to live rich than die rich. Live simply so that I may simply live large.
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Campfire Ranger
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Campfire Ranger
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CCCCCC---You are obviously not up to the challenge You don't know obvious - you don't even know the person - so you speak as the bloviator who knows nothing about the challenge. More aeriform.
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Non-responsive. Please address the topic in play.
www.paracay.comIt's better to live rich than die rich. Live simply so that I may simply live large.
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Non-responsive. Please address the topic in play. Very responsive to the subject at play: "You don't know obvious - you don't even know the person - so you speak as the bloviator who knows nothing about the challenge. More aeriform."Done with this subject..
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Non-responsive. Please address the topic in play. I am glad to hear you are "done" with this subject. Your off topic comments were not helpful.
www.paracay.comIt's better to live rich than die rich. Live simply so that I may simply live large.
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Dear Mr. ____________:
Thank you for your note and I hope you are well.
You are correct that the CARES Act has waived the requirement to take the
required minimum distribution (RMD) for the year 2020. Vanguard has placed
the necessary alerts on all impacted accounts that "The CARES Act provides
a temporary waiver for 2020 so you do NOT have to take your RMD for 2020 if
you don't want to."
Please let us know if we can provide any further clarification or answer
any follow-up questions. Additionally, you can speak to one of our
knowledgeable representatives directly at 877-662-7447. Representatives are
available business days 8 a.m. to 8 p.m., Eastern time.
Best regards,
Anne Marie Scott
www.paracay.comIt's better to live rich than die rich. Live simply so that I may simply live large.
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Campfire Ranger
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OP
Campfire Ranger
Joined: Nov 2003
Posts: 28,411 |
Dear Mr. ____________:
Thank you for your note and I hope you are well.
You are correct that the CARES Act has waived the requirement to take the
required minimum distribution (RMD) for the year 2020. Vanguard has placed
the necessary alerts on all impacted accounts that "The CARES Act provides
a temporary waiver for 2020 so you do NOT have to take your RMD for 2020 if
you don't want to."
Please let us know if we can provide any further clarification or answer
any follow-up questions. Additionally, you can speak to one of our
knowledgeable representatives directly at 877-662-7447. Representatives are
available business days 8 a.m. to 8 p.m., Eastern time.
Best regards,
Anne Marie Scott
Just a reminder that this discussion concerns the current year, 2021. There was never a question concerning year 2020.
The degree of my privacy is no business of yours.
What we've learned from history is that we haven't learned from it.
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Joined: Sep 2008
Posts: 15,530
Campfire Ranger
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Campfire Ranger
Joined: Sep 2008
Posts: 15,530 |
Dear Mr. ____________:
Thank you for your note and I hope you are well.
You are correct that the CARES Act has waived the requirement to take the
required minimum distribution (RMD) for the year 2020. Vanguard has placed
the necessary alerts on all impacted accounts that "The CARES Act provides
a temporary waiver for 2020 so you do NOT have to take your RMD for 2020 if
you don't want to."Please let us know if we can provide any further clarification or answer
any follow-up questions. Additionally, you can speak to one of our
knowledgeable representatives directly at 877-662-7447. Representatives are
available business days 8 a.m. to 8 p.m., Eastern time.
Best regards,
Anne Marie Scott
Non-responsive. Please address the topic in play.
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The string is titled RMD. What could be more on point? Perhaps your reading level is not up to understanding the post?
www.paracay.comIt's better to live rich than die rich. Live simply so that I may simply live large.
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Joined: Sep 2008
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Campfire Ranger
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Campfire Ranger
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The string is titled RMD. What could be more on point? Perhaps your reading level is not up to understanding the post? Just a reminder that this discussion concerns the current year, 2021. There was never a question concerning year 2020.
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OP
Campfire Ranger
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The string is titled RMD. What could be more on point? Perhaps your reading level is not up to understanding the post?
I felt that my first post, in and of itself, was explanatory enough but perhaps and evidently it wasn’t. Time for this thread to die. Thanks to those who contributed. The Tootster
The degree of my privacy is no business of yours.
What we've learned from history is that we haven't learned from it.
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