Bene IRA’s 2020 CARES Act
With the CARES act giving us a holiday on RMD’s, question on IRA’s inherited in 2020. Under new rules we wouldn’t have to take out an RMD until year 10 and then dump it all…. with CARES do we get an extra year and just delay the ten year start by a year? If not, CARES really didn’t do anything to RMD’s for new bene ira’s inherited in 2020.
Permalink Submitted by Alan - IRA critic on Fri, 2020-04-03 22:46
Correct, it does nothing for 2020 deaths because Year 1 of the 5 year or 10 year rule waiting periods is 2021, so there would not have been a 2020 RMD anyway. There is no extra year in this situation.