We forgot to take money out of my wife's two IRAs ...
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
fpnoel
New Member

We forgot to take money out of my wife's two IRAs to cover the RMD. What do we do now?

 
2 Replies
DoninGA
Level 15

We forgot to take money out of my wife's two IRAs to cover the RMD. What do we do now?

The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, waives required minimum distributions during 2020 for IRAs and retirement plans, including beneficiaries with inherited accounts. This waiver includes RMDs for individuals who turned age 70 ½ in 2019 and took their first RMD in 2020. Roth IRAs do not require withdrawals until after the death of the owner. 

fanfare
Level 15

We forgot to take money out of my wife's two IRAs to cover the RMD. What do we do now?

"What do we do now?"

 

pay the tax by May 17th.

Dynamic AdsDynamic Ads
v
Privacy Settings