Retirement Planning
August 21st 2020

August 31 Deadline to Roll Back Required Minimum Distributions Fast Approaching

Did you take an RMD before the CARES Act passed and changed the requirement? There's still time to roll back your withdrawal.

As we have written about previously, the CARES Act waived Required Minimum Distributions (RMDs) in 2020.

For taxpayers who had originally taken their RMD before the passage of the Act, there were limitations on whether they could return the distribution, now that they were no longer required to take it. These limitations included taxpayers who had taken multiple distributions, had already rolled back a distribution within the previous twelve months, and those who had missed the 60-day window for rolling back the funds.

Recently issued IRS guidance extends the deadline for all taxpayers who want to roll back unwanted distributions, regardless of the limitations mentioned above. The new deadline is August 31, 2020.

The IRS guidance includes inherited retirement accounts which, prior to this guidance, had not been eligible accounts to accept rollovers.

Please contact your financial advisor as soon as possible if you wish to take advantage of this IRS guidance.

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