IRS: Seniors, retirees not required to take distributions from retirement accounts this year

IRS: Seniors, retirees not required to take distributions from retirement accounts this year under new law  https://www.irs.gov/newsroom/irs-seni https://accountinginstruction.info The Internal Revenue Service today reminds seniors and retirees that they are not required to take money out of their IRAs and workplace retirement plans this year.  The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, waives required minimum distributions during 2020 for IRAs and retirement plans, including beneficiaries with inherited accounts. This waiver includes RMDs for individuals who turned age 70 ½ in 2019 and took their first RMD in 2020. Roth IRAs do not require withdrawals until after the death of the owner.