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New Member
posted Nov 16, 2020 10:16:43 AM

Will there be an RMD for 2020 tax year?

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1 Best answer
Level 15
Nov 16, 2020 10:23:21 AM

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.

 

See https://www.irs.gov/newsroom/irs-seniors-retirees-not-required-to-take-distributions-from-retirement-accounts-this-year-under-new-law

3 Replies
Level 15
Nov 16, 2020 10:23:21 AM

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.

 

See https://www.irs.gov/newsroom/irs-seniors-retirees-not-required-to-take-distributions-from-retirement-accounts-this-year-under-new-law

Level 15
Nov 16, 2020 10:23:44 AM

Go to this IRS website for information - https://www.irs.gov/newsroom/irs-seniors-retirees-not-required-to-take-distributions-from-retirement-accounts-this-year-under-new-law

 

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. 

Level 15
Nov 17, 2020 4:31:31 AM

For an alternate tax strategy  see https://ttlc.intuit.com/community/retirement/discussion/since-there-is-no-rmd-this-year-due-to-cares-act-can-i-convert-any-amount-of-my-ira-to-my-roth/00/1742112