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Note:  For 2020, The CARES Act waives all Required Minimum Distributions (RMDs) from retirement accounts.  However, at present, the general rules (as updated by The SECURE Act) remain in place for future tax years.  

The rules surrounding RMDs are complicated and often require a few conversations with an advisor to understand the issues that must be considered.

To help make this easier, we have created the “Can I Avoid Taking My RMD After Reaching My Required Beginning Date?” flowchart. 

This flowchart addresses common questions about RMDs if you have reached RMD age including:

  • What to do if you forgot to take an RMD
  • How the RMD is calculated
  • How to handle multiple retirement accounts
  • Which RMDs can be combined and which ones can not
  • Considerations if you are still working or a business owner