RMD’s (Required Minimum Distributions) not required for 2020!
Already taken out between Feb 1-May15, 2020? You can put back without penalty.
What: With the recent CARES Act legislation (IRS Notice 2020-23) the IRS waived the RMD requirement for beneficiaries. Note, this does not apply to non-spouse beneficiaries because under the law a non-spouse beneficiary cannot use the 60-day rule to rollover money.
Who: If you are planning to take your RMD for 2020 and do not need the money…then don’t. It’s not required this year. And if you already distributed your RMD for 2020 between February 15-May 15, 2020, and you do not need the money, look at putting the money back into your plan to continue growing for you.
How: Contact your financial advisor for assistance with putting back your 2020 RMD. And make sure your financial advisor is aware your 2020 RMD is not required this year, per recent IRS ruling.
Link to CARES Act legislation: https://www.irs.gov/pub/irs-drop/n-20-23.pdf