Profit Sharing plan 2020 distribution
I have an inherited profit sharing plan from my husbands union. In 2019 I had to take My first RMD. I’m wondering if I’m eligible to forego my RMD for 2020. Are the rules different by the company in which the plan is in. Is the Profit Sharing Plan under the same rules as an IRA.
Permalink Submitted by Alan - IRA critic on Fri, 2020-04-03 19:29
Yes, your 2020 RMD from that plan is waived, and RMDs for all plan types is waived. Note that for 2021 and beyond your beneficiary distributions are considerably higher from this plan than if you directly rolled the inherited plan over to your own IRA account.