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