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Seniors, retirees not required to take retirement account withdrawal under new law

 

Last updated 7/22/2020 at 12:09pm



The Internal Revenue Service is reminding seniors and retirees that they are not required to take money out of their IRAs and workplace retirement plans this year.

The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, waives required minimum distributions during 2020 for IRAs and retirement plans, including beneficiaries with inherited accounts. This waiver includes RMDs for individuals who turned age 70 ½ in 2019 and took their first RMD in 2020. Roth IRAs do not require withdrawals until after the death of the owner. 

If an individual has already taken an RMD in 2020,...



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