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View Poll Results: Will RMDs be suspended for 2021?
Yes, they probably will be suspended. 1 3.33%
No, we will probably be required to take them. 14 46.67%
My crystal/magic 8 ball is broken, I really have no idea! 15 50.00%
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Poll:Will we have RMDs for 2021?
Old 11-08-2020, 12:00 PM   #1
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Poll:Will we have RMDs for 2021?

Just curious what you all think the likelihood of this particular measure being renewed/repeated for 2021. As I've mentioned I'm not working and only half-looking, so I might take a withdrawal from my inherited IRAs next year, since even my full RMD at my age would probably be about 1% of our total portfolio. But if RMDs are suspended, I'll be very tempted to let it ride in order to avoid SORR, so I might wait a few months to see.

Remember, let's not get into politics. I know what people think in that respect, but I just want to know whether you think it's more likely or not that RMDs will be suspended again next year in the current political landscape.
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Old 11-08-2020, 12:05 PM   #2
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No crystal ball here.....sorry.
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Old 11-08-2020, 12:06 PM   #3
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I voted first!

I think this issue is relatively small and very hard to call here in post-election 2020.
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Old 11-08-2020, 12:29 PM   #4
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Originally Posted by LRDave View Post
I voted first!

I think this issue is relatively small and very hard to call here in post-election 2020.
Well, it feels easier now than last week! But I agree, that's exactly why I'm curious what the sentiment here is.
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Old 11-08-2020, 12:36 PM   #5
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Interesting question.

I'm fairly certain, without researching, that the RMD suspension for 2020 was part of the CARES Act, which was a fairly comprehensive virus relief bill.

The sentiment I see is for another relief bill, but I think how comprehensive that next bill is is very much in doubt. Whereas the CARES Act was sort of an everything-and-the-kitchen-sink approach, this next one could easily be less comprehensive and might be more selective in it's targets and thus exclude seniors and retirees.

Another thought is that RMDs do produce tax revenue, and that aspect of the suspension may be a consideration.

I appreciate you asking the question, though, since my Dad might take advantage of a 2021 RMD suspension and you asking the question put it on my radar screen to think about and pay attention to.
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Old 11-08-2020, 12:43 PM   #6
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Yep, it was part of the CARES Act. I should have specified, if it were to happen it would almost certainly have to be part of another relief bill. That's why it's kind of political, and I'm sure it will be at least a little clearer once the Georgia Senate runoffs are done and the 117th Congress is seated....but I'm antsy now,wondering if I will have an RMD next year!
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Old 11-08-2020, 12:48 PM   #7
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.but I'm antsy now,wondering if I will have an RMD next year!
Technically, you have over a year before you need to think about it.
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Old 11-08-2020, 03:44 PM   #8
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There is no way of knowing but IF this does occur and IF the market has gone down enough I think I may take out the same amount that I would have for RMD and have it moved to my Roth IRA of the same investment. Otherwise I won't. I don't know if that will make any difference but the idea is to have that money available for inheritance without creating a tax and investment problem for the recipients who are not investment savvy.


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Old 11-08-2020, 04:04 PM   #9
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We will probably have 2021 RMDs but no time to implement the new tables so will use the old tables for 2021 and the new tables for 2022.
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Old 11-08-2020, 06:16 PM   #10
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I voted that RMDs will be required in 2021, but how would I know ?

In my personal situation, (age 61), I am more interested in the possibility of
permanently pushing RMD start back to age 75. That would be a change that
would influence my plans a bit. If enacted soon enough, that would delay RMDs
for a subset of those interested in a one year holiday for next year.
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Old 11-08-2020, 07:15 PM   #11
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I voted that RMDs will be required in 2021, but how would I know ?
Well, exactly, none of us can really know what will happen, but there's a lot of brains and experience here, so I'm curious what our collective best guess would be.
Quote:
Originally Posted by bada bing View Post
In my personal situation, (age 61), I am more interested in the possibility of
permanently pushing RMD start back to age 75. That would be a change that
would influence my plans a bit. If enacted soon enough, that would delay RMDs
for a subset of those interested in a one year holiday for next year.
Fingers crossed! If inherited IRAs (going forward) are taxed within 10 years of inheritance, the withdrawals during the original account holder's lifetime should be of less significance.
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Old 11-08-2020, 07:39 PM   #12
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I started my RMD's when I was 64
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