The CARES Act allows most taxpayers with an eligible retirement account, such as a 401(k), 403(b) or traditional IRA, to skip their required minimum distributions (RMDs) for 2020 without penalty. Individuals who received the RMD, including those who turned 70½ in 2019, have the option to return the distribution to their account or other qualified plan. They may also have the option of rolling over to another IRA or qualified retirement plan by August 31, 2020 … (1 comments)
ira minimum distribution: Severn, MD: 2020 IRA Required Minimum Distribution Waived
- 05/17/20 09:54 AM
The CARES Act that was signed into law on March 27, 2020 includes an important provision for taxpayers with various retirement accounts, including 401(k), 403(b), 457(b), traditional Individual Retirement Accounts (IRAs), and designated Roth accounts. For many taxpayers, the law waives their obligation to withdraw a certain amount from such accounts (called a required minimum distribution, or RMD) during tax year 2020.
Under standard IRS rules for the above retirement account types, you would need to accept a 2020 RMD if you turn 72 years of age in 2020, turned 70 1/2 in 2019 or before, or are any age and inherited … (0 comments)
The deadline to return or rollover a Required Minimum Distribution (RMD) for IRA owners, beneficiaries or workplace retirement plan participants is coming up on Monday, August 31.
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