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June 24, 2020

IRS announces taxpayers who have already taken required minimum distributions for 2020 may roll funds back into retirement accounts

The IRS has announced (Notice 2020-51) that anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts will now have the opportunity to roll those funds back into a retirement account under the CARES Act RMD waiver for 2020. The waiver allows any taxpayer with an RMD due in 2020 from a defined-contribution plan or an IRA to not take those RMDs this year.