I'm over 72 and retired. I understand for 2020 I do not have to complete my RMD for this year. True?
No tax penalty in 2020
03888
1 Best answer
GiseleD
Expert Alumni
Mar 31, 2020 1:25:44 PM
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.
3 Replies
GiseleD
Expert Alumni
Mar 31, 2020 1:25:44 PM
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.
macuser_22
Level 15
Mar 31, 2020 1:26:42 PM
Correct. The CARES act eliminated the 2020 RMD requirement.
fwvonrein57
Level 1
Mar 31, 2020 1:35:07 PM
Thank You. With market so far down, I would prefer not to have to withdraw, unless absolutely necessary.