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Level 1

Question

I turned 70 1/2 in 2019. i found out in 2020 that I was supposed to take money out of my IRA that I have. what do I need to do now?

Forum|Forum|6 years ago
April 3, 2020
2 replies
11 views

i read your posts and it didn’t help me. what would i need to do now regarding having to take a withdrawal now?

TurboTax Deluxe Online

Level 15

When you turn 70 1/2 you have until April of the next year (2020)to take the first RMD. But that is being waived because of the virus. So you are ok and don't have to take it now.

Level 15

because of the CARES act, there is no longer an RMD requirement in 2020. That includes not only the RMD you were supposed to take by April 1 but the 2nd RMD distribution that would have had to be taken by 12/31/20.

talk to the administrator of your IRA