The IRS has released Notice 2020-51. This notice provides guidance relating to the waiver in 2020 of required minimum distributions (RMDs) from certain retirement plans including solo 401k plans, and IRAs. The notice extends the 60-day rollover period to August 31, 2020. This means that if you took a RMD anytime in 2020, you have until August 31, 2020 to roll the funds to a 401k including a solo 401k or to an IRA.
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If you took an RMD on January 2, 2020 from your solo 401k, you have until August 31, 2020 to return the RMD to the solo 401k plan or to an IRA. Also, if you have taken multiple RMDs, those can also be rolled over as the once-per year rule is waived under the Notice 2020-51. Lastly, this notice only applies to RMDs.
Before the release of Notice 2020-51, the RMD rollover had to be processed by July 15, 2020, so this notice extends the deadline by about 45 days.
