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2019 MRD due today


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According to an update I received from Transamerica,"Participants who turned age 70½ in 2019 and who did not receive their first RMD for 2019 on or before January 1, 2020 will not have to receive their first (2019) RMD or their 2020 RMD."

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4 hours ago, bzorc said:

Would a person who was required to take a 2019 MRD by April 1, 2020 (today) still have to take the distribution today? Can't see if the CARES act affects this.

 

Simple: no they are not.  And if someone took their 2019 distribution in 2020 but less than 60 days ago, they can use the 60 day rule to put it back if they would prefer not to have it as taxable income this year.

Lawrence C. Starr, FLMI, CLU, CEBS, CPC, ChFC, EA, ATA, QPFC
President
Qualified Plan Consultants, Inc.
46 Daggett Drive
West Springfield, MA 01089
413-736-2066
larrystarr@qpc-inc.com

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19 hours ago, Larry Starr said:

Simple: no they are not.  And if someone took their 2019 distribution in 2020 but less than 60 days ago, they can use the 60 day rule to put it back if they would prefer not to have it as taxable income this year.

larry do you think they could just reclassify the RMD they took from their IRA as a COVID and put it back anytime over the next 3 years?  i have been thinking about the 60 day and what would happen if the distribution was more than 60 days ago.

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