The Coronavirus Aid, Relief and Economic Security (CARES) Act waives all required minimum distribution (RMD) requirements for tax-qualified defined contribution plans including IRAs for the calendar year 2020.

The 2020 RMD waiver applies to individuals who have already been taking RMDs or those who would have taken their first RMD in 2020, including:

  • An individual who is 72 or older in 2020
  • An individual who reached the age of 70½ prior to January 1, 2020, and
  • Certain death beneficiaries

RMDs are not waived for defined benefit plans.