Do 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
![User Photo](/elements/imgs/default_free_user.png)
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
196 weeks ago
Request A Copy of "How To Select A Financial Advisor" at
www.clientfirstwm.com/download-my-book
![User Photo](/elements/imgs/default_free_user.png)
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
196 weeks ago
Request A Copy of "How To Select A Financial Advisor" at
www.clientfirstwm.com/download-my-book