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Retirement tax questions
things changed with the passage of the CARES act last week.
That new law waived the requirement to take RMD in 2020. So if you turned 70.5 in 2019 and had until April 1 to take that 2019 RMD payment, you no longer have to take it. If you want to, and talk to your financial advisor, you actually have 60 days to return it. That also means you don't have to do the 2020 RMD if you don't want to.
and the 1099R will be issued for your 2020 tax year; it can NOT be reported with your 2019 tax return. I am assuming you received the 2019 RMD in 2020.
‎April 1, 2020
8:18 PM
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