Level 1

Traditional IRA Required Minimum Distributions for 2019 and 2020

Forum|Forum|6 years ago
May 9, 2020
3 replies
11 views

I read an article about Individual Retirement Account (IRAs) Required Minimum Distributions (RMDs) that were waived for 2020, but I can't find anything about this at the IRS.gov website. I also thought I heard that RMDs are waived for 2019, but again can't find anything with the IRS to confirm it. Does anyone know anything about this?

This topic has been closed for replies.

George4Tacks

Level 15

https://www.irs.gov/newsroom/coronavirus-related-relief-for-retirement-plans-and-iras-questions-and-answers

Answers are easy. Questions are hard!

itonewbie

Level 15

And if you like reading legal texts, RMD is in Sec. 2203(a) of the CARES Act and can be found here: https://www.congress.gov/bill/116th-congress/house-bill/748/text#toc-HC81FF6302B124DC38413B183AC01B212

It can also be found in IRC §401(a)(9)(I): https://www.law.cornell.edu/uscode/text/26/401

RMD for 2019 is not waived. However, taxpayers whose first RMD was deferred from 2019 to April 1, 2020 will be eligible for the waiver pursuant to §401(a)(9)(I)(ii).

---------------------------------------------------------------------------------Still an AllStar

R

Renee Snow

Level 3

Required Minimum Distributions have been suspended for 2020. Both required minimum distributions for tax year 2020 and for tax year 2019 (payable by April 1, 2020) have been suspended. This rule applies to inherited IRA’s allowing beneficiaries to skip one year of distributions.

Guidance is expected for the treatment of taxpayers that have received their required minimum distributions before the CARES Act was enacted.

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