Inherited IRS and RMD for 2020 | Ed Slott and Company, LLC

Inherited IRS and RMD for 2020

Hello, I just received a call from my Schwab rep and was informed that an Inherited IRA is not exempt from taking the RMD in 2020. I inherited the IRA in 2017 and I’m 67. Would like to know if I need to withdrawn the required amount this year.
Thank you

You do NOT need to take a 2020 beneficiary RMD. The rep is likely confused over all the recent changes, but this was part of the original CARES Act in March.  Not only do you not have to take the 2020 RMD, but if you had taken it earlier you could have rolled it back to the distributing account by 8/31.  The rep made a special call to give you misinformation?  I think if you called back and talked to a different rep, you would probably get the right answer. 

 

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