IRS announces rollover relief for required minimum distributions from retirement accounts that were waived under the CARES Act

August 4, 2020

 

The CARES Act has provided for the ability to forego RMDs (Required Minimum Distributions) for 2020. If you have already taken either a lump sum or monthly distributions, you may wonder about your options with regard to returning any unneeded distributions to your retirement account.

Normally, a distribution can be returned back to the plan within sixty days, but for many, that window has closed. IRS announcement and Notice 2020-51 discuss the options available to recontribute the funds back into the plan.

If the sixty day window has already passed, you now have until August 31 to take advantage of recontributing prior 2020 RMDs back into your retirement plan.

Please contact your Bederson advisor for more information and to discuss the option that is best for you.