Want to undo your 2020 RMD?

As you may already know, the CARES Act passed earlier this year eliminated Required Minimum Distributions (RMDs) for 2020. This has left some in a position where their RMD may have been taken prior to the CARES Act or circumstances may have changed where there may be a more tax-efficient strategy to implement instead of a normal IRA distribution (think Roth conversions!). For those in this position, some good news!

Yesterday the IRS posted notice 2020-51, allowing any RMD taken to be returned no later than August 31st, 2020. Better yet, this rollover will not count towards the once-per-year rollover most often applicable to 60-day rollovers. This also applies for inherited IRAs, beneficiaries who have taken RMDs in 2020 can return these by August 31st as well.

If you have questions or would like to investigate this option further with our assistance, please let us know!