Cobb Planning Group

Can't quite do public seminars again but as of next week we are taking appointments in the office again. If you need a Living Trust or changes to your existing plan, please call to schedule your appointment. 714-550-7242

In just two days... be part of a conversation to discover the DNA of a winning investment strategy, creating a financial future that is built to last. Join us T...hursday, April 16, at 4pm ET/1pm PT. #MatsonMoney #LifeOnPurpose #Livestream Use this link to join: https://livestream.com/markmatson/events/9077944

IMPORTANT UPDATE FOR IRAs & RMDs CARES Act to be Signed into Law - RMDs Waived for 2020; 10% Early Distribution Penalty Waived Up to Certain Amounts; Plan Loan Rules Relaxed The Senate has unanimously passed the massive Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, and it is expected to be passed by the House and signed by the President on Friday. The legislation includes a waiver of required minimum distributions (RMDs) for 2020. This waiver appli...es to company savings plans and IRAs, including both traditional and Roth inherited IRAs. An RMD waiver is a huge help for clients who would have had to take a 2020 RMD based on much higher account values at December 31, 2019. Now they can sit out a year and avoid the tax bill on their 2020 RMDs, if they wish. In addition, the CARES Act impacts 2019 RMDs for those with a required beginning date of April 1, 2020. Any 2019 RMD amount remaining and not withdrawn by January 1, 2020 is waived. Another provision of the CARES Act waives the 10% early distribution penalty on up to $100,000 of 2020 distributions from IRAs and plans for affected individuals. The tax would be due, but could be spread evenly over 3 years, and the funds could be repaid during the 3 years. Finally, the new law affects company plan loans taken by affected individuals. First, the law increases the maximum amount of plan loans to the lesser of $100,000 (reduced by other outstanding loans) or 100% of the account balance. [The usual limit is the lesser of $50,000 (reduced by other outstanding loans) or 50% of the account balance.] This rule applies to loans taken within 180 days from the bill’s date of enactment. Second, any loan repayments normally due between date of enactment and December 31, 2020 could be suspended for one year.

PLEASE TAKE A FEW MINUTES TO WATCH.. https://www.facebook.com/watch/

https://www.facebook.com/photo.php?fbid=10219999268885012&set=a.1032804873338&type=3&theater