jtax
Level 10

Retirement tax questions

TT should not be requiring a RMD for 2019 if you turned 70.5. If it asked if you received your RMD, try answering yes. Since no RMD was required that is correct. See the last answer to this prior question. https://ttlc.intuit.com/community/retirement/discussion/as-my-1st-yr-rmd-i-m-making-an-ira-withdrawa...

 

Note this has nothing to do with the CARES Act. The cares act did not change anything related to RMD's taken (or required to be taken) DURING 2019. Your case the RMD for 2019 is required to be taken in 2020. 

 

Some detail:

 

CARES Act section 2203 applies for RMDs required to be taken in 2020. It does not apply to RMD's taken during 2019. If you turned 70.5 in 2019 then a 2019 RMD was required but could be taken by April 1, 2020. If you took it in 2019 that's done. But if you didn't take it in 2019, then you aren't required to take it during 2020. 

 

(FYI 70.5 age increased to 72 for 2020 and later by the SECURE act).

 

Take a look at the law's text below and feel free to reply if you find something different in it (or elsewhere).

 

This is the text of the act, with my highlights.

 

SEC. 2203. TEMPORARY WAIVER OF REQUIRED MINIMUM DISTRIBUTION
RULES FOR CERTAIN RETIREMENT PLANS AND ACCOUNTS.


(a) IN GENERAL.—Section 401(a)(9) of the Internal Revenue
Code of 1986 is amended by adding at the end the following new
subparagraph:


‘‘(I) TEMPORARY WAIVER OF MINIMUM REQUIRED DISTRIBUTION.—
‘‘(i) IN GENERAL.—The requirements of this paragraph
shall not apply for calendar year 2020 to—
‘‘(I) a defined contribution plan which is
described in this subsection or in section 403(a)
or 403(b),
‘‘(II) a defined contribution plan which is an
eligible deferred compensation plan described in
section 457(b) but only if such plan is maintained
by an employer described in section 457(e)(1)(A),
or
‘‘(III) an individual retirement plan.

‘‘(ii) SPECIAL RULE FOR REQUIRED BEGINNING DATES
IN 2020.—2020.—Clause (i) shall apply to any distribution
which is required to be made in calendar year 2020
by reason of—
‘‘(I) a required beginning date occurring in
such calendar year, and
‘‘(II) such distribution not having been made
before January 1, 2020.
‘‘(iii) SPECIAL RULES REGARDING WAIVER PERIOD.—
For purposes of this paragraph—
‘‘(I) the required beginning date with respect
to any individual shall be determined without
regard to this subparagraph for purposes of
applying this paragraph for calendar years after
2020, and
‘‘(II) if clause (ii) of subparagraph (B) applies,
the 5-year period described in such clause shall
be determined without regard to calendar year
2020.’’.

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