What if an individual turned 70½ in 2019? Is the 2019 RMD also waived?
Yes, in this case the CARES Act also provides relief. Specifically, if a participant turned 70½ in 2019 and has a Required Beginning Date of April 1, 2020:
Notice 2020-23, published by the IRS on April 9, appears to provide limited relief with respect to the 60-day window for taxpayers who:
NOTE: The option to redeposit funds is not available to RMDs withdrawn from inherited IRAs because money from inherited accounts is not allowed to be rolled over under the Internal Revenue Code. No relief has been provided for withdrawals from retirement accounts taken from January 1 to January 31.
Cetera Retirement Plan Specialists is a third-party administrator and may not offer tax, legal or investment advice. Plan sponsors should consult their own tax, legal or investment professionals.