Rollover Relief Provided by CARES Act Extended to August 31

The CARES Act waives the required minimum distributions (RMDs) from retirement accounts and provides relief to anyone who already took a RMD from certain retirement accounts in 2020.

The 60-day rollover period for any RMDs already taken this year has been extended to August 31, 2020, to give taxpayers more time to take advantage of this opportunity. The rollback must be completed by August 31, 2020.

The CARES Act enabled any taxpayer with a RMD due in 2020 from a defined-contribution retirement plan, including a 401(k) or 403(b) plan or an IRA, to skip those RMDs this year. This includes anyone who turned age 70 1/2 in 2019 and would have been required to take the first RMD by April 1, 2020. This waiver does not apply to defined-benefit plans.

In addition to the rollover opportunity, an IRA owner or beneficiary who has already received a distribution from an IRA of an amount that would have been a RMD in 2020 can repay the distribution to the IRA by August 31, 2020. Repayment is not subject to the one rollover per 12-month period limitation or the restriction on rollovers for inherited IRAs.


Rozleen Giwani Rozleen Giwani, CPA is a Tax Partner at Grassi, where she focuses on tax planning and preparation services for family offices, high-net-worth individuals and closely held businesses. She has spent more than 18 years advising high-profile and ultra-high-net-worth individuals, multi-generational families, CEOs, executives and entrepreneurs on achieving their full tax-savings potential. As a leader in Grassi’s Family Office practice, Rozleen leads ultra-high-net-worth families and... Read full bio

Lisa Rispoli Lisa Rispoli is the Partner-in-Charge of Trust & Estate Services at Grassi and leader of the firm’s Private Client Services group. She has over 30 years of experience in accounting, estate planning & valuation, as well as gift, estate and trust taxation. Lisa is adept at working with clients and their professional advisors to develop estate plans to transfer family, business and personal wealth... Read full bio