IRS Eases Rules on Returning RMDs

by Marilou Moursund on June 23, 2020

in COVID-19,retirement

The IRS announced today that anyone who took an RMD this year can return it by August 31 without a penalty. The waiver of the requirement to take a RMD was part of the relief granted to Americans due to the pandemic. From the linked WSJ article:

On March 27, President Trump signed into law a measure that suspends for 2020 the required minimum distributions, or RMDs, many retirees must take from tax-deferred 401(k) and individual retirement accounts.

With the S&P 500 down this year, older Americans who can refrain from taking money out stand to benefit by making it easier for their balances to recover.

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