2020 RMD CARES Act Question
Hello,
Do we know if the waiving of RMD’s on IRA BDA’s and Roth BDA’s for 2020 was included in the CARES Act? This might have been answered in a previous post so I apologize if I missed it.
Thanks.
Hello,
Do we know if the waiving of RMD’s on IRA BDA’s and Roth BDA’s for 2020 was included in the CARES Act? This might have been answered in a previous post so I apologize if I missed it.
Thanks.
Permalink Submitted by Alan - IRA critic on Tue, 2020-03-31 16:23
Yes, all 2020 RMDs are waived including inherited IRA and inherited Roth RMDs. However, for a non spouse inherited IRA RMD, if the 2020 RMD has already been distributed, there is no way to roll it back.
Permalink Submitted by Deirdre Totten on Fri, 2020-05-15 17:30
If a 2020 RMD (inherited non/spousal) was taken mid March prior to CARES act, how it it considered? An RMD, or distribution, does it make a difference (10% Taxes were withheld) And you are pretty clear that we cannot (ever) re-deposit it back into to acct.? Thanks for clarifying, any and all.
Permalink Submitted by David Mertz on Fri, 2020-05-15 19:17
Under current law, a distribution paid to a non-spouse beneficiary can never be rolled over. Since it’s not permitted to be rolled over, for a distribution already paid there is no difference whether it is a 2020 RMD or not. It’s reported on your 2020 tax return the same either way.