DianeW777
Expert Alumni

Retirement tax questions

You did not take all, only a portion. You will not be taxed on the amount you did not take.

 

The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, waives required minimum distributions during 2020 for IRAs and retirement plans, including beneficiaries with inherited accounts. IRS Seniors Not Required to Take RMD

 

The CARES Act enabled any taxpayer with an RMD due in 2020 from a defined-contribution retirement plan, including a 401(k) or 403(b) plan, or an IRA, to skip those RMDs this year. This includes anyone who turned age 70 1/2 in 2019 and would have had to take the first RMD by April 1, 2020. This waiver does not apply to defined-benefit plans.

 

The portion you did not take will not be taxable, however the amounts you did receive, if they were not rolled over, will be taxable.

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