CARES Act Suspends Required Minimum Distributions from Retirement Accounts for 2020
CARES Act Suspends Required Minimum Distributions from Retirement Accounts for 2020
On April 2, 2020
RMDs Suspended in 2020 — How the new rules will work
The COVID-19 stimulus bill includes relief for retirees by allowing all RMDs due in 2020 to be waived. You do not have to take your RMD, which in turn can reduce your 2020 tax bill.
Who qualifies?
Anyone with an RMD due in 2020 from a company plan, like your 401(k) or 403(b) plans, or an IRA, qualifies, including beneficiaries, and including those who turned age 70 1/2 in 2019 and were required to take their first RMD by April 1, 2020.
CARES Act Suspends Required Minimum Distributions from Retirement Accounts for 2020
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