Posts tagged Qualified Plans.
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Five Common Questions for Qualified Plans and IRAs under CARES Act

1. Do I have to take my required minimum distributions (RMD) in 2020?

No. Required minimum distribution rules do not apply for 2020 for IRAs, Roth IRAs, qualified defined contribution plans, 403(b) plans and government-employer type 457 plans.

2. Does that mean my RMD in 2021 will be doubled? Is 2020 just postponed?

No. Your 2021 RMD will be calculated the exact same way as if you had taken your 2020 RMD.

Added bonus: If you turned 70 1/2 in 2019 and did not yet take your 2019 RMD, you do not have to take your 2019 or your 2020 RMD.

3. What if I already took my RMD for 2020?

If you are within the 60 ...

Posted in: CARES Act/PPP
Tags: CARES Act, IRA, Qualified Plans, RMD, Tax
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