March 27, 2020 – Tax relief for individuals through the Coronavirus Aid, Relief, and Economic Security (CARES) Act are here. This includes a temporary waiver of Required Minimum Distribution (RMD) rules for certain retirement plans and accounts.
In general, Required Minimum Distribution (RMD) rules require that taxpayers of a certain age withdraw minimum amounts annually. These rules typically apply to taxpayers after reaching age 72 (70 ½ before 2020). This temporary waiver will waive minimum distribution requirements for 2020.
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About the Author
Criste’ L. Staples CPA
With significant experience in both private and public accounting environments, Criste' provides accounting and tax services to both individuals and a diverse range of business clients.