The CARES Act waives the required minimum distribution rules for IRAs during 2020. The waiver is not applicable to defined benefit plans (i.e. pensions).

Example: While employed, Larry contributed to a 401(k) plan. Larry turned 70 on May 1, 2019. Larry did not receive his RMD on or before January 1, 2020. Larry does not have to take an RMD in 2020.

This post was written by Larry Blair

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