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2020 RMD Question

Level 2

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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Level 15

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 😄

 

 

Former Chump..umm... AllStar.
"the game of life is hard to play"

If a post answers your question, click on *Accept as solution* for future searches

View solution in original post

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Level 15

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 😄

 

 

Former Chump..umm... AllStar.
"the game of life is hard to play"

If a post answers your question, click on *Accept as solution* for future searches

View solution in original post

Level 2

Thank you for the help.

Level 15

YVW

Former Chump..umm... AllStar.
"the game of life is hard to play"

If a post answers your question, click on *Accept as solution* for future searches
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