Reminder: RMDs are not required this year. In addition, if you already took your Required Minimum Distribution between February 1 and May 5, the IRS is allowing those funds to be rolled back into a retirement plan, and the deadline to do so is August 31, 2020.
“This is great news for anyone required to take RMDs!” says Connecticut CPA Matt Allred from Bliss, Allred & Co.. “If the required minimum distribution isn’t necessary for 2020 cash flow purposes, taxpayers should take advantage of this to reduce taxable income and get more time for potential tax deferred growth.”
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.