RMD
I have a client who turned 70 on 02-03-1949. That has him turning 70 1/2 on 08-03-2019. A calculator says his 1st RMD was due 04-01-2020. His next RMD is due 12-31-2020. I know he doesn’t have to take the RMD due in Dec 2020 because of the CARES Act. Would that also apply to his RMD that was due on 04-01-2020??
Permalink Submitted by Alan - IRA critic on Tue, 2020-09-08 00:09
You mean tha client turned 70 on 2/3/2019. Yes, according to the CARES Act RMD waiver provisions it applies to the RMD that would have been his 2019 RMD that he deferred until the 2020 RBD. Therefore, in this situation both his deferred 2019 and 2020 RMDs are waived.