Deadline Fast Approaching re: Required Minimum Distributions

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020, changed the 2020 required minimum distribution (“RMD”) rules for any defined contribution retirement plan subject to RMD payments (such as an IRA or 401(k)). If you would have otherwise been subject to a mandatory RMD, you may choose to forgo those distributions for the 2020 year. This does not include an RMD to an individual who attained 70 ½ in 2019, who is required to take an RMD by April 2020. However, this otherwise applies to any required minimum distribution, whether the retirement account is your own or is an inherited retirement account.  Continue reading “Deadline Fast Approaching re: Required Minimum Distributions”