For those who aren’t aware, the CARES Act had already waived 2020 Required Minimum Distributions (RMD). But there was a slight oversight with regard to people who had already taken their RMDs as many retirees do in January each year.
Well, last week, the IRS announced that for anyone who already took their RMDs for 2020 can roll those assets back into their retirement account as long as it is done by 31 August 2020 as the 60-day rollover period has been extended to that date.
So, if you took an RMD that you did not need for income purposes, there is an opportunity to return those funds to your IRA.
Here is a link to the IRS announcement:
- IRS announces rollover relief for required minimum distributions from retirement accounts that were waived under the CARES Act
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I am a Financial Advisor in Pittsburgh and a CERTIFIED FINANCIAL PLANNER™ professional with Shorebridge Wealth Management. I enjoy helping clients and readers find sensible answers to retirement’s big questions. If I can answer any questions for you, feel free to Contact Me or if you think you might be a fit for our practice, see Who We Serve.