You can now return unwanted RMDs to reduce your tax burden in 2020.
New IRS guidance provides a special window for anyone who took Required Minimum Distributions (RMDs) earlier this year. Those distributions can be reversed by returning the funds to your retirement account (IRA, 401k, etc.) and this exception even applies to inherited IRAs. In addition, this extension will also override the "one rollover per 12 months" restriction. The extended deadline is August 31st.
As a reminder, this is following the suspension of all RMDs this year as part of the CARES Act.
Please contact us if you would like to suspend and/or reverse your RMDs or if you would like our advice on your options.