Daily Tax Report ®
Aug. 24, 2020, 6:26 PM
Individual Retirement Account owners, inherited account beneficiaries, and workplace retirement plan participants who this year received a Required Minimum Distribution (RMD) — the requirement of which has been waived for 2020 — have until August 31 to rollover or repay the distribution to avoid paying taxes, the IRS announced. The CARES Act suspended the RMD rule for individuals who took RMDs in 2020, including those who turned age 701/2 in 2019 and took their first RMD this year. The CARES Act provisions apply to most retirement plans, including traditional IRAs, SEP IRAs, SIMPLE IRAs,