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IRS Announces Rollover Relief for Required Minimum Distributions from Retirement Accounts

As the pandemic continues to cause economic uncertainty across the country, the Internal Revenue Service (IRS) announced new plans to help those with retirement account distributions through the release of Notice IR-2020-51. The recent notice allows individuals who have already taken their Required Minimum Distribution (RMD) from certain retirement accounts in 2020 to roll the funds back into their retirement account until August 31, 2020 under the CARES Act RMD waiver, instead of the usual 60-day rollover period. 

You can read more about the rollover relief for RMDs from retirement accounts in the links below.

Notice IR-2020-127

Notice 2020-51

Submitted by: Rebekah Drum

Source: Internal Revenue Service