IMPORTANT: Congress May Let You SKIP YOUR MANDATORY RMD for 2020 due to Economic Conditions

[GailL1]

I am posting this just for a heads-up in case any of you have your RMD set up to be distributed before all of this economic mess is ironed out by our legislators in the coronavirus / economic disaster Stimulus package and you don't want to remove it from your applicable retirement account(s).

CNBC 03/24/2020 - Congress may let you skip this mandatory withdrawal from retirement accounts 

from the above link ~

Congress may permit retirees to skip required minimum distributions from their retirement savings.

The House coronavirus relief bill, which was released yesterday, contains a provision that waives for 2020 the required minimum distributions from individual retirement accounts and workplace retirement plans.

A similar provision is in the latest version of the Senate bill.

read MORE at the link ~

[afisher]

   From CNBC :   the answer is YES, you can postpone any RMD distribution in 2020.  https://www.cnbc.com/2020/03/30/op-ed-heres-how-to-take-money-from-retirement-account-under-stimulus...

[JANMB]

Thanks

I was waiting to hear about that possibility---believe they did that during the last recession in 2008--(or maybe it was 2009)  I forget which year.   

[GailL1]

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@JANMB wrote:

Thanks

I was waiting to hear about that possibility---believe they did that during the last recession in 2008--(or maybe it was 2009)  I forget which year.   

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That was a little bit before I was mandated to do the RMD - so it wasn't on my radar then but it sure is now. 

I just wanted people to know about the likelihood of this happening before they took the one for 2020 - if for some reason, it doesn't get into the passed Stimulus legislation (which I see no reason that it won't) then we still have until 12/31/2020 to receive the 2020 RMD before being assessed that big penalty.

When I know more, I will post back - you do the same, OK?