2 Financial Dates for Your August 2020 Calendar

A woman in a mask and gloves looks at her calendar
Photo by Pheelings media / Shutterstock.com

Life moves quickly. It’s easy to get distracted. But that can be costly.

Miss an important financial date or deadline, and you could be on the hook for a penalty or lose out on a limited-time opportunity to save money.

Enter our money calendar series.

In this edition, we’ve rounded up the noteworthy money-related dates that are coming up in August. Take a look and mark your calendar with any dates that apply to you.

All month — sales tax holidays

More than a dozen states have back-to-school sales tax holidays set for this August.

These time windows — which last anywhere from a couple of days to a week — give residents an opportunity to buy items like clothes, school and office supplies and sometimes personal computers without being charged state sales tax.

For a list of states and dates, check out “16 States With Sales Tax Breaks This Summer.”

Aug. 31 — RMD rollover deadline

This deadline applies to folks who have withdrawn a required minimum distribution, or RMD, from their retirement account this year but wish to put the money back in their account.

Putting the money back would enable it to grow further and enable retirees to avoid owing taxes on the withdrawal when they file their next federal income tax return.

This deadline is not an annual one like many other tax-related deadlines, though. In fact, it’s unique to the coronavirus pandemic.

The federal Coronavirus Aid, Relief, and Economic Security Act, better known as the CARES Act, allowed retirees who otherwise would be subject to RMDs in 2020 to skip the mandatory annual withdrawals this year.

But the CARES Act did not become law until March 27, meaning some retirees already had made RMDs in the first few months of this year. So, now the IRS is giving those folks until Aug. 31 to reverse those RMDs.

To learn more, check out “IRS Makes It Easier to Undo This Type of Retirement Withdrawal.”

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