@dad-2018 wrote:
thanks!
@dad-2018 - This is a *2019* question and answer. The tax law has been changed for 2020 and beyond.
The Retirement Enhancement Act of 2019 (SECURE Act) became law on December 20, 2019. The Secure Act made major changes to the RMD rules. If you reached the age of 70½ in 2019 the prior rule applies, and you must take your first RMD by April 1, 2020. If you reach age 70 ½ in 2020 or later you must take your first RMD by April 1 of the year after you reach 72.
And, because of COVID-19, the CARES Act of 2020 eliminated the RMD requirement for 2020 on IRA's and employer retirement plans for everyone reguardless of age. (Certain pensions and non IRA's or 401 type plans still have 2020 RMD's).
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
