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Harris Consulting

The CARES Act and Your IRA's 2020 RMD

Surely by now, you may have heard about the CARES Act recently passed by Congress in response to the COVID-19 outbreak.


While the act covers a lot of areas, one in particular affects investors with IRAs who are over the age of 70 (arguably in a positive way). For the year 2020, IRA holders who are required to take an annual Required Minimum Distribution (RMD) due to their age are no longer required to do so. 


Now, for some clients who have already completed this typically required annual action this year, the biggest question is, "If the CARES Act doesn't require me to take my 2020 RMD but I've already withdrawn it, can I put it back?"


The following article from Charles Schwab answers that question and more regarding how to handle RMDs this year.  To learn more, click here.