Rollover relief for required minimum distributions

June 30, 2020

In Notice 2020-51, the IRS provides relief for taxpayers who had already taken required minimum distributions (RMDs) in 2020 before the Coronavirus Aid, Relief and Economic Security Act, suspended the RMD requirement for 2020 in response to the pandemic and its effect on taxpayers and the stock market.

Taxpayers who already took an RMD in 2020 from certain retirement accounts now have the opportunity to roll those funds back into a retirement account. To give taxpayers time to take advantage of this opportunity, the IRS extended the 60-day rollover period for any RMDs already taken this year to Aug. 31, 2020.

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