The CARES Act, passed earlier this year, enabled any taxpayer with a Required Minimum Distribution due in 2020 from a defined-contribution retirement plan, including a 401(k), 403(b), or an IRA, to skip those RMDs this year.

Yesterday, the IRS issued Notice 2020-51, which provides tax relief to individuals who have already taken a required minimum distribution in 2020.

If you have already taken a Required Minimum Distribution in 2020, you have until August the 31st of 2020 to deposit the funds back into your retirement account which would allow you to classify the transaction as an indirect rollover. This means the distribution would not be a taxable event to you.

Full IRS Notice 2020-51 can be found here: