The year 2020 was special, to say the least. I think most of us can agree that we all hope it was an anomaly and that 2021 will be much smoother. However, I’m not here to talk about history, I’m here to talk about retirement. There were some unique situations regarding retirement that occurred in 2020. The Covid-19 pandemic and it’s economic fallout forced IRA rules to be bent/disregarded for those heavily impacted. Required minimum distributions (RMDs) were waived and people were allowed to take loans from their retirement accounts to get by without getting hit with a penalty. While the overall affects of those steps are not quite known, it is no doubt that they helped many Americans weather difficult financial situations. Unfortunately 2020 is over and–at least for the time being–so too are the unique exceptions that came with it. Yes, the RMD waiver does not extend into 2021 and neither does the Covid-19 related penalty-free distribution. So that means that you will have to take an RMD in 2021 and you cannot take an early distribution from your IRA without getting hit with a penalty. A few other things to keep in mind for 2021. If you are going to take advantage of a once-per-year rollover that is not once per calendar year, but rather once per 365 days starting on the day you made the rollover. Also, if you took a Covid-19 related distribution in 2020, make sure to report that on your taxes in 2021 (which will be reported as a distribution on a 2020 Form 1099-R and a rollover on a 2021 Form 5498, both by the custodian and you will need to include them in your taxes). If you have questions about your IRA or retirement accounts and how they might have been affected by 2020, you will want to speak with a certified financial planner or wealth manager. And of course, for tax questions, you will want to talk with a tax professional.