On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law. This $2.2 trillion stimulus package is one of the most significant bills ever passed through Congress. And with it comes certain provisions that affect rules for retirement plans and tax planning. Specifically, there’s an increased focus on the waiver of retirement minimum distributions (RMDs) for 2020.
Here are some frequently asked questions clients may have about the new CARES Act RMD waiver provision, along with some ways to potentially answer them.