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2020 Tax Refund - When Will I Get My Refund

2/20/2020

Where is my 2020 Tax Refund!

If the IRS accepts your return by:	Direct deposit could be sent as early as:	Or your check could be mailed as early as:
January 27	February 7th	February 14th
February 3rd	February 14th	February 21st
February 10th	February 21st	February 28th
February 18th	February 28th	March 6th
February 24th	March 6th	March 13th
March 2nd	March 13th	March 20th
March 9th	March 20th	March 27th
March 16th	March 27th	April 3rd
March 23rd	April 3rd	April 10th
March 30th	April 10th	April 17th
April 6th	April 17th	April 24th
April 13th	April 24th	May 1st
April 20th	May 1st	May 8th

Miksch & Co CPA PA

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New IRA RMD Rules For 2020

2/4/2020

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Below you will find the new IRA RMD rules for 2020 which changed from 70.5 to 72.
The table below explains which years your payment dates will be based on year born.

Source: Tax Speaker https://taxspeaker.com/

Birth Date	Normal 1st Required Payment Date	Special Extension 1st Payment Option	Future Payment Date Requirement	Comments
Before July 1, 1949	12/31 of year turning 70, so if turning 70 in 2019, 12/31/19	April 1 of year after turning 70.5, so if in 2019, delay until 4/1/2020	The year following 70.5, so if turning 70.5 in 2019, by 12/31/20	If using the special extension date, 2020 will require 2 payments: 1 for 2019 and the normal 2020 payment
After June 30, 1949	12/31 of year turning 72, so if born in 1949 by 12/31/2021	April 1 of year after turning 72, so if born in 1949 by 4/1/2022	The year following turning 72, so if born in 1949, by 12/31/2022	If using the special extension date, 2022 will require 2 payments: 1 for 2021 and the normal 2022 payment

Anyone turning 70.5 in 2020 will not be required to take an RMD in 2020 or until the year they turn 72.
If still working for a company with a 401-K at age 72, you may delay your RMD until the year after you stop working there. (Except for >5% owners of the company.)
You can continue making IRA contributions as long as you still have earned income beginning 2020. (Not 2020 for 2019 if over 70.5 years old by 12/31/19.)

Use this worksheet to figure this year's required withdrawal for your traditional IRA UNLESS your spouse is the sole beneficiary of your IRA and he or she is more than 10 years younger than you.

Deadline for receiving required minimum distribution:

Year you turn age 70.5 - by April 1 of the following year; 72 after 1/1/2020.
All subsequent year - by December 31 of that year.

IRA balance on December 31 of the previous year. $__________
Distribution period from the table below for your age on your birthday this year. ___________
Line 1 divided by number entered on line 2. This is your required minimum distribution for this year from this IRA $__________
Repeat steps 1 through 3 for each of your IRAs.

Age	Distribution Period	Age	Distribution Period	Age	Distribution Period	Age	Distribution Period
70	27.4	82	17.1	94	9.1	106	4.2
71	26.5	83	16.3	95	8.6	107	3.9
72	25.6	84	15.5	96	8.1	108	3.7
73	24.7	85	14.8	97	7.6	109	3.4
74	23.8	86	14.1	98	7.1	110	3.1
75	22.9	87	13.4	99	6.7	111	2.9
76	22.0	88	12.7	100	6.3	112	2.6
77	21.2	89	12.0	101	5.9	113	2.4
78	20.3	90	11.4	102	5.5	114	2.1
79	19.5	91	10.8	103	5.2	115 & over	1.9
80	18.7	92	10.2	104	4.9
81	17.9	93	9.6	105	4.5

Once you determine a separate required minimum distribution from each of your traditional IRAs, you can total these minimum amounts and take them from any one or more of your traditional IRAs.
Source: IRS.

Miksch & Company CPA PA
(727) 367-1040
mikschcpa@msn.com

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2020 Tax Refund - When Will I Get My Refund

New IRA RMD Rules For 2020

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