IRS Extends RMD Rollover Period to August 31, Provides Additional Guidance

Legal & Regulatory Update

IRS Extends RMD Rollover Period to August 31, Provides Additional Guidance

June 25, 2020

 

The IRS issued a notice on June 23 regarding the CARES Act waiver of 2020 required minimum distributions (RMDs). Under the notice, anyone who already took an RMD in 2020 from certain retirement accounts may roll that money back into a retirement account. The rollover period for any RMDs already taken in 2020 has been extended to August 31, 2020. There is also guidance for plan administrators and a sample amendment for defined contribution plans. A press release regarding the notice is available here.

 

TAGS: CARES Act, Coronavirus, COVID-19, IRAs, IRS, Retirement Plans, Retirement Savings  

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