A Safer Retirement and Environment – What We’re Implementing to Help Keep You Safe: READ MORE

Here at Asset Preservation Capital, LTD, we are adhering to state and local guidelines in order to protect both the health and safety of clients and staff. Keeping our clients and staff safe is our highest priority and we’re taking all appropriate measures to ensure a safe environment. Should you prefer to not meet face-to-face, we are continuing to serve our clients through virtual settings such as Zoom or phone call.

We look forward to continuing to help individuals and families achieve their ideal retirements.

Asset Preservation Capital, LTD
(248) 649-4759

By Sarah Brenner, JD
IRA Analyst


Since no RMD in 2020 is required, what will the tax treatment be for QCD checks to charities written before the CARES Act became effective? Will 1099-R dollar amounts be included in AGI and charitable contributions only deductible if taxpayer itemizes on Schedule A? Do you recommend against making further QCD checks in 2020?



Qualified charitable distributions (QCDs) are alive and well in 2020. There is a good deal of confusion about this likely due to the fact that the CARES Act eliminated required minimum distributions (RMDs) for the year. The elimination of RMDs does not mean that QCDs are not available. QCDs still work the same way and are still a good strategy for charitably inclined IRA owners who are eligible. A QCD made earlier this year would still be excluded from your 2020 adjusted gross income (AGI).


Hi, I am retired and get Social Security. Can I still contribute to a regular IRA or Roth IRA?


To contribute to an IRA, you must have earned income. This is generally a salary or other taxable compensation for work. Social Security income does not qualify, so if that is your only source of income you cannot contribute to an IRA. If you happen to be married, you can make contribution to your IRA based on your spouse’s earned income if your spouse has any.