Mascafe
Level 2
06-09-2020
09:16 PM
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I may be stupid, or I'm just tired of reading. I realize the RMD requirement is waived for 2020 but, can a taxpayer elect to take less than the RMD, or does one need to not take any distributions to avoid a penalty? I have clients who do not need to take the full amount of the distribution, but will need to have some income from their IRAs.
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abctax55
Level 15
06-09-2020
09:24 PM
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Your client can take zero, or up to the entire balance of the account without any penalty.
Prior to the waiver, folks had to take AT LEAST the RMD. Now they can take (or not take...) any amount.
(edit... chalk it up being tired of reading; there are no "stupid" questions 😄
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Mascafe
Level 2
06-13-2020
03:45 PM
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Thank you for the help.
abctax55
Level 15
06-13-2020
05:25 PM
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YVW
"*******Tax software is no substitute for a professional tax preparer*******
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