News from Summit

Recent Upswings in COVID Cases and Volatility

Along with the news of Coronavirus cases continuing to accelerate around the world, we are also seeing an increase in market volatility. Jeffrey Kleintop, Chief Global Investment Strategist at Charles Schwab, recently posted a commentary which sheds some light on what a second wave could mean for investors.

IRS Issues Relief for Required Minimum Distributions Waived in 2020

Yesterday, IRS released guidance to allow taxpayers who previously distributed their required minimum distribution (RMD) from their retirement account for 2020 another opportunity to return those funds.

The CARES Act eliminated RMDs for 2020 and allowed a 60-day window to rollover any distributions back into a retirement account. However, by the time the CARES Act passed in late March, many individuals had already distributed their RMDs and the 60-day rollover window had passed.

The new IRS guidance allows for anyone who received a distribution that would have been an RMD for 2020 to repay it by August 31, 2020. The repayment is not subject to the rule allowing for only one rollover per twelve-month period.

We will be reaching out directly with any clients who may be able to take advantage of this opportunity.

Summit Office Update

We have started to welcome back associates to our physical office space, but do not have plans to bring back 100% of our staff for the foreseeable future. Advisors who are working in our office may be available to schedule in-person meetings after July 6th and we will continue to offer and encourage virtual meetings. We ask that all in-person meeting participants wear face masks and only use our two largest conference rooms to promote social distancing. Please reach out to your Summit team members with any questions.

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