Contact UsDo individuals have the option to forego a retirement plan required minimum distribution (RMD) in 2020?
TaxConnections Members... Answer This Question
Want To be One of Our Tax Experts? Register Here
Tax Professional Answers
Edward Mahaffy, MBA, CFP, ChFC
Yes. If taken in 2020, the distribution will be treated as a voluntary distribution. The distribution is still taxable, but the withdrawal can also be converted to a Roth IRA. The RMD waiver applied to SEP, SIMPLE, 401(k), 457(b) as well as 403(b) plans although defined benefit plans are not part of the RMD waiver.
Request A Copy of "How To Select A Financial Advisor" at
www.clientfirstwm.com/download-my-book
Leave a Comment
185 weeks ago
Request A Copy of "How To Select A Financial Advisor" at
www.clientfirstwm.com/download-my-book
Edward Mahaffy, MBA, CFP, ChFC
Yes. If taken in 2020, the distribution will be treated as a voluntary distribution. The distribution is still taxable, but the withdrawal can also be converted to a Roth IRA. The RMD waiver applied to SEP, SIMPLE, 401(k), 457(b) as well as 403(b) plans although defined benefit plans are not part of the RMD waiver.
Request A Copy of "How To Select A Financial Advisor" at
www.clientfirstwm.com/download-my-book
Leave a Comment
185 weeks ago
Request A Copy of "How To Select A Financial Advisor" at
www.clientfirstwm.com/download-my-book