I'm over 72 and retired. I understand for 2020 I do not have to complete my RMD for this year. True?

fwvonrein57 · ‎March 31, 2020

No tax penalty in 2020

GiseleD · ‎March 31, 2020

According to the CARES Act (COVID-19 relief) RMDs required to be made or that begin in 2020 are waived. Calendar year 2020 is disregarded for distributions that are being made under the 5-year rule. Learn more about the the CARES Act here.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

GiseleD · ‎March 31, 2020

According to the CARES Act (COVID-19 relief) RMDs required to be made or that begin in 2020 are waived. Calendar year 2020 is disregarded for distributions that are being made under the 5-year rule. Learn more about the the CARES Act here.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

macuser_22 · ‎March 31, 2020

Correct. The CARES act eliminated the 2020 RMD requirement.

**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.**

fwvonrein57 · ‎March 31, 2020

Thank You. With market so far down, I would prefer not to have to withdraw, unless absolutely necessary.

Expert does your taxes

Do it yourself

Resources

Support

I'm over 72 and retired. I understand for 2020 I do not have to complete my RMD for this year. True?