CARES Act: Distributions, RMDs & Dependents - 274

Your Money, Your Wealth

Realestate, Income, Investing, Personalfinance, 401k, Rothconversion, Retirement, Education, Taxes, Socialsecurity, Personalfinances, Finance, Retirementplanning, Investments, Stocks, Business, Roth, Fiduciary, Ira

2.3 • 681 Ratings

🗓️ 19 May 2020

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

Financial planning strategies around Coronavirus-Related Distributions from retirement accounts and required minimum distributions (RMDs). Plus, listener corrections on dependents and the CARES Act stimulus package. Also, two very different market volatility strategies: living off of cash and Social Security only, and leveraging a home equity line of credit (HELOC) to invest. Sign up for the LIVE YMYW webinar on May 27, send in money questions, access the transcript and free financial resources: https://bit.ly/YMYW-274

Transcript

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0:00.0	The very first YMIW live webinar was so much fun, we've decided to do it again.
0:05.5	Join us Wednesday, May 27th at noon Pacific 3 p.m. Eastern Time to get your money questions answered live and on the spot by Joe and Bigel.
0:14.0	Visit the podcast show notes at Your Money, yourwealth.com to sign up.
0:17.5	Hit that link in the description of today's episode in your podcast app to get there.
0:21.9	Today, on the Your Money, Your Wealth podcast, Joe and Big Al talk about financial planning
0:26.4	strategies that come from the CARES Act stimulus package, specifically the provisions on
0:30.9	coronavirus-related distributions from retirement accounts and required minimum distributions or
0:36.1	RMDs. Plus, the eagle-eared listeners of YMIW have plenty of clarifications, corrections, and
0:42.7	questions about dependence thanks to episode 271.
0:46.8	And the fellow's review two very different market volatility strategies.
0:51.1	I'm producer Andy Last, and here are the hosts of your money, your wealth,
0:55.2	Joe Anderson, CFP, and Big Al Clopine CPA.
0:58.9	I want to thank you, everyone, for joining us on the webinar this week. First one,
1:05.2	thought it was okay. That's fine. I thought it was great. We appreciate it. You know,
1:10.7	we have a couple of questions and comments that will rifle through here that we weren't able to answer.
1:17.8	Tina writes in, if the married couple owned for 2019 and received the $2,400, does the tax credit increase that they might owe for 2020 what they owed for 2019
1:32.2	for 2019 if they owed taxes in 19 and they received the $2,400 does that tax credit increase
1:39.2	what they might owe for 2020 so basically I think I think they're asking about the cloud back.
1:44.8	Or does it add to earned income?
1:47.0	Answers no.
1:47.9	Yeah.
1:48.2	So essentially, if you qualify to receive the $1,200 stimulus payment per person
	...

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