August 2020

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Senior need not take distributions from retirement accounts this year

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WASHINGTON – The IRS reminds seniors and retirees that they are not required to take money out of their IRAs and workplace retirement plans this year. The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, waives a required minimum distribution, or RMD, during 2020 for IRAs and retirement plans, including beneficiaries with inherited accounts.