IRS announces rollover relief for required minimum distributions from retirement accounts.
The CARES Act was signed into law on March 27, 2020. One of the provisions in the law provided a waiver of the 2020 required minimum distribution (RMD) from employer retirement accounts and IRAs, including inherited IRAs.
Many taxpayers had taken the 2020 RMD before the law was signed. The IRS issued guidance allowing all taxpayers to rollover their 2020 RMD into a retirement account by August 31, 2020. If you take advantage of the rollover opportunity, you will not be required to include the income on your 2020 personal income tax return.
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