The CARES Act & Temporary Waivers of RMD Rules

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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