The deadline to return distributions to certain retirement accounts is coming up.

August 26, 2020

IRA owners, beneficiaries or workplace retirement plan participants who received a required minimum distribution (RMD) this year have until Aug. 31 to roll over or repay the distributions to avoid paying taxes.

The CARES Act waived RMDs during 2020 for IRAs and retirement plans, including for beneficiaries with inherited accounts. This waiver includes RMDs for individuals who turned age 70½ in 2019 and took their first RMD in 2020.

Individuals who took RMDs in 2020, including those who turned 70½ in 2019, have the option of returning the distribution to their accounts or other qualified plans.