topic 401(k) in Deductions & credits

401(k)

mitchT1 — Wed, 16 Sep 2020 23:35:12 GMT

What is the deadline for filing with respect to someone who turns 70 1/2 in 2020.? Particularly with reference to reporting RMD. Thank You.

mitchT1

Re: 401(k)

macuser_22 — Wed, 16 Sep 2020 23:45:32 GMT

The CARES act for COVID-19 relief waived all RMD's for 2020.

However the SECURE act also changed when the first RMD must be taken if you turn 70 1/2 in 2020.

The Secure Act made major changes to the RMD rules. If you reached the age of 70½ in 2019 the prior rule applies, and you must take your first RMD by April 1, 2020. If you reach age 70 ½ in 2020 or later you must take your first RMD by April 1 of the year after you reach 72.

https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-required-minimum-distributions

Re: 401(k)

xmasbaby0 — Wed, 16 Sep 2020 23:40:17 GMT

Under the CARES act you are not required to take out an RMD in 2020 if you choose not to. Not sure what deadline you are referring to. In years when you must take out an RMD you just have to do it by the end of the tax year. As for filing deadline--your filing deadline is the same as it ever was. The filing deadline for 2019 returns was on July 15, 2020. For 2020 returns the filing deadline will be April 15, 2021.