B21 Posted August 5, 2020 Posted August 5, 2020 Are individual states required to comply with the relief enacted under the Cares Act with regards to waived 2020 RMDs, Aug 31st due date for rollovers, & one IRA rollover per year exemption? I was told NYS is not following the Cares Act & was asked how to handle RMDs that were taken during 2020 & then rolled over into IRAs after 60-days for state tax purposes. Wouldn't it be based on how the states define eligible rollovers & if they cite the federal code & regulations?
Larry Starr Posted August 6, 2020 Posted August 6, 2020 9 hours ago, B21 said: Are individual states required to comply with the relief enacted under the Cares Act with regards to waived 2020 RMDs, Aug 31st due date for rollovers, & one IRA rollover per year exemption? I was told NYS is not following the Cares Act & was asked how to handle RMDs that were taken during 2020 & then rolled over into IRAs after 60-days for state tax purposes. Wouldn't it be based on how the states define eligible rollovers & if they cite the federal code & regulations? Yup. And also which version of the federal tax law they follow. Mass does not follow the current version, but it tied to an earlier version. Lawrence C. Starr, FLMI, CLU, CEBS, CPC, ChFC, EA, ATA, QPFC President Qualified Plan Consultants, Inc. 46 Daggett Drive West Springfield, MA 01089 413-736-2066 larrystarr@qpc-inc.com
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