2020 Important Tax Facts and Dates

Morningstar has compiled a succinct informational listing of important tax facts for individuals, investors, and important tax dates throughout the year.  I see no reason to write my own list as it does not require any professional originality.  You can find the information here.

This link will enumerate the twelve tax deductions and credits you need to evaluate for tax planning and their effective use to you.

Lastly, there are eleven tax deductions you can still take if you use the standard deduction.

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Required Minimum Distributions and The Secure Act

There is continuing confusion on how RMDs are treated since The Secure Act became law.

If you turned 70 1/2 years old in 2019, you are still subject to the old law and required to begin RMDs.  If you turn 70 1/2 in 2020, you do not need to take RMDs until you turn 72 years old.  If you have been doing RMDs, you need to continue.  Always use the IRS worksheet.  If you receive an RMD notice from your broker/dealer or retirement account custodian or trustee and you did not turn 70 1/2 years old in 2019 or have not been taking RMDs but you will be 70 1/2 in 2020, you should probably ignore it.  The IRS has issued Guidance here.  You should never just accept  an RMD notice with a calculated amount from a retirement custodian or trustee or broker/dealer; you should always