@TaxmanGWW wrote:
Thanks for the answer. I know what Forbes says but I can't find any official confirmation of this. I thought TurboTax would have the latest word. IRS.gov does not have any info I can find.
As the article says, this only applies if you turned 70 1/2 in 2019 and this is the *first* RMD that you can elect not to take until Apr 1 of 2020. Since your are (were) not, required to take any RMD in 2019 then the CARES act specifically says that if required in 2020 then it is waived.
The official confirmation is the tax law itself.
https://www.congress.gov/bill/116th-congress/house-bill/748/text
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.—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 202
**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.**
