Erin Michele Jones, ChFC®, CFP® discusses CARES Act provisions

Automated Video Transcript

Hi you guys, Erin Jones with FinTrust Capital Advisors.

Spotlight on the CARES Act | IRS Tax Deadline Extension

Part of the CARES Act, one of the provisions that was recently passed was the extension of the tax filing deadline from April 15th, two July 15th.

Does this extend the 2019 contribution deadline for any of my accounts?

That includes an extension of your IRA contributions for traditional IRA’s, Roth IRA’s, and health savings accounts, which is also referred to as HSA’s.

How do I take advantage of this extension?

The max contribution for an IRA, whether it’s traditional or Roth, is $6,000. If you are 50 or older, it is, you have a $1,000 catch-up, so your total contribution max is $7,000 for the year 2019. And for HSA’s, an individual account, the max contribution is $3,500. And for a family HSA it is $7,000 for year 2019.

Now just make sure that when you make these contributions, communicate it with your advisor, and whoever’s processing these contributions, that they are for the year 2019. And thank you.

Automated Video Transcript

Hi guys, this is Erin Jones. Private Wealth Consultant with FinTrust Capital Advisors.

Spotlight on the CARES Act | 2020 IRA Required Minimum Distribution Suspended

The 2020 required minimum distributions have been suspended. This means that you do not have to take a required minimum distribution if you do not need it.

What if I Already took my distribution?

If you have already taken it, you have 60 days to return the funds back into your IRA account.

What if it has been longer than 60 days?

And if it’s further than 60 days. longer than 60 days, since you have taken the distribution, there is currently no exception for that. However, the provision may change to allow for those monies to be returned to the IRA. Just stay tuned for legislation to make any changes to that.

Automated Video Transcript

Hi you guys Erin Jones here with FinTrust Capital Advisors.

Spotlight on the CARES Act | Inherited IRA Required Minimum Distribution Suspended

One of the provisions is in regards to inherited IRA distributions. Those distributions have been suspended for the year 2020, which means you do not need to take those distributions if you do not need those funds.

What if I Already Took My Distribution?

If you have already taken the distribution, you do not have a 60 daytime period where you can roll the funds back into the IRA. If you’ve taken the distribution as of right now, that is a done deal. Stay tuned for legislation to make any changes for that, there may be an exception granted, but just be aware and talk to your trusted advisor regarding these distributions.

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