IRS Extends Rules to Put Back RMDs Taken for 2020

The Internal Revenue Service recently announced that anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts now has the opportunity to roll those funds back into a retirement account following the CARES Act RMD waiver for 2020. Some individuals had already taken out their RMD for the year prior to the CARES Act and had little recourse after the legislation was passed. For anyone who has taken out any portion of their RMD during 2020 and would like to put the money back now can do so until August 31, 2020. There may be some limitations so please contact us if you are interested in taking advantage of this.