Reminder: The Deadline To Return Required Minimum Distributions Is August 31, 2020

We want to remind taxpayers who have already taken a Required Minimum Distribution (RMD) in 2020, that they have until Monday, August 31, 2020 to roll those funds back into a retirement account. This extension was granted following the CARES Act RMD waiver, which allows taxpayers with an RMD from a defined-contribution retirement plan, including a 401(k), 403(b), or an IRA, to skip those RMDs in 2020 . This includes anyone who turned age 70 1/2 in 2019 and would have had to take the first RMD by April 1, 2020.

Note: The RMD waiver does not apply to defined-benefit plans.