Required Distributions from IRAs Suspended for 2020

As a provision of the CARES Act, Congress has suspended Required Minimum Distributions (RMDs) from qualified accounts for 2020. The tax savings by taking advantage of this can be significant.

For example, take an investor in a 40% tax bracket who has a $50,000 RMD scheduled to be taken out in 2020. If that investor does not need the money to live on, they could leave the money in the qualified account and save $20,000 in taxes. If that investor did need the money to live on and they had a non-qualified account with $50,000 in it, they could live on that money while still saving on taxes.

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Relationship Between Blockchain, Tether and Bitcoin

Blockchain technology is a protocol like http for the internet and webpages. It controls how the network operates but the code itself is not owned by anyone. This technology is game changing because it is essentially a giant ledger of information that cannot be altered. It can be used to track orders, payments, accounts, production, assets and other things. As a result, something of value can now be sent electronically without a third party institution. Currently, when we make a purchase or move money or assets from one person to another, we use a financial institution. Blockchain potentially removes the need for the financial institution.

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Required Distributions from IRAs Suspended for 2020