Monday, April 20, 2020

The required minimum distribution rules for IRAs are waived for 2020.

The bipartisan COVID-19 stimulus bill just signed by President Trump includes welcome tax relief for retirees: The required minimum distribution rules for Individual Retirement Accounts and 401(k)s are waived for 2020. That means that instead of taking money out this year, retirees can keep their investments growing.

I will call you in October to see if you want to skip your 2020 RMDs.