JohnB5677
Expert Alumni

Retirement tax questions

This year (2020) retirees can skip required minimum distributions from their retirement savings.

 

All Required Minimum Distributions (RMDs) have been waived for 2020. This applies to both Roth and Traditional retirement accounts. Individuals required to take minimum distributions from retirement accounts can completely forego, not just postpone, the distribution for 2020.

 

Likewise, RMDs from inherited IRAs have been waived. This allows people to avoid withdrawing assets when the market is down, assuming they can afford to do so.

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