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 high-net-worth individuals and businesses. Rozleen helps clients meet their tax mitigation and wealth preservation goals through a wide range of tax savings vehicles, including gifting, trusts and estate planning strategies. She has extensive experience with grantor retained annuity trusts, complex and simple trusts, gift tax... Read full bio

Lisa Rispoli Lisa Rispoli is the Partner-in-Charge of Trust & Estate Services at Grassi. With over 30 years of experience in accounting, estate planning and gift, estate and trust taxation, Lisa is adept at working with clients and their other professional advisors to develop estate plans to transfer family, businesses and personal wealth to the next generation and to charitable organizations. Lisa assists executors and trustees,... Read full bio