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Do individuals have the option to forego a retirement plan required minimum distribution (RMD) in 2020?

Retirement Plans Required Minimum Distribution Little Rock, Arkansas
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Tax Professional Answers

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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.

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Leave a Comment 36 weeks ago

User Photo
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 36 weeks ago

 

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