Reminder: Required Minimum Distributions (RMDs) Waived for 2020
The IRS has reminded seniors and retirees over 70 that, because of the pandemic, the need to take a Required Minimum Distribution (RMD) is waived for calendar year 2020. That means that those who would normally need to withdraw money from their tax-advantaged account, and pay income tax on that withdrawal, are not required to do so this year. And for those who have already done the withdrawal, it is possible to reverse that transaction to avoid the tax consequences of doing so. All of this is explained in this article appearing in Missouri’s News Tribune. Click here to read more.