If you are planning on taking or have taken your required minimum distribution from your retirement plan this year continue reading. The Coronavirus Aid, Relief and Economic Security (CARES) Act waived required minimum distributions from certain qualified retirement plans and IRAs for 2020. Acknowledging that many taxpayers may have already taken their required minimum distribution for 2020, the CARES Act also allows for a 60-day replacement period for account holders and beneficiaries to return required minimum distributions taken this year. On Tuesday, June 23, 2020, the IRS issued Notice 2020-51 which extends the period that account holders and beneficiaries have to return required minimum distribution taken from qualified retirement accounts this year until August 31, 2020.
We hope our clients and their families stay safe during these unprecedented times. Gunster's Private Wealth Services team is committed to providing our clients the first class service they have come to expect and we are here to help in any way we can.
