No RMD in 2020

An element of the CARES act, the Coronavirus relief bill, is that no RMDs (required minimum distribuions) need to be taken in 2020, either for the IRA owner, or a beneficiary.    This is to help retirees by not requiring some to cash out of equities after the significant decline.

We will benefit from this since my mother-in-law passed away this year before taking her RMD.  Therefore, my spouse won't need to take a taxable withdrawal in 2020.    In addition, due to the SECURE act of 2019, my spouse won't required to ever take a RMD.  Instead, she will be required to withdraw the entire IRA account within 10 years of her mother's passing.

Separately, our daughter had inherited an IRA from my mother, which is still subject to the stretch IRA beneficiary rules requiring an RMD be taken base my daughter's life expectancy.  My daughter also does not need to take an RMD in 2020, but I had already withdrawn the RMD in early January, so it has been completed.

I am still under the age of taking an RMD, currently 72, but I expect tax laws will change again before I reach that age.

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This is not financial, retirement nor IRA advice. Please consult a professional advisor.

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