RMD Repayment or Rollover Deadline – Monday 8/31/2020

RMD Repayment or Rollover Deadline – Monday August 31st!
The deadline to return or rollover a Required Minimum Distribution (RMD) for IRA owners, beneficiaries or workplace retirement plan participants is coming up on Monday, August 31.
The CARES Act allows most taxpayers with an eligible retirement account, such as a 401(k), 403(b) or traditional IRA, to skip their required minimum distributions (RMDs) for 2020 without penalty.
Individuals who received the RMD, including those who turned 70½ in 2019, have the option to return the distribution to their account or other qualified plan. They may also have the option of rolling over to another IRA or qualified retirement plan by August 31, 2020 to avoid taxes on the RMD.
Please note that the suspension of the RMD does not apply to qualified defined benefit plans.

A tax and financial professional can help you determine the best strategy for handling your 2020 retirement account RMDs.