A taxpayer is not required to take RMDs in tax year 2020. This applies whether the distribution is one required after the initial RMD, or an initial distribution that would normally be required by April 1, 2020 for a taxpayer reaching age 70 and 1/2 in tax year 2019. This includes if you are a beneficiary with an inherited IRA and/or account inherited in a retirement plan. You are not required to have been affected by the coronavirus to waive your RMD for 2020.
If you had an RMD for 2020 due by April 1, 2021, you are not required to take that distribution in April
2021. You are only required to take the distribution due by December 31, 2021.
What if I already took my RMD for 2020?
If you received a distribution in 2020, you were allowed perform a 60 day rollover to deposit the funds back into a retirement account. If your 60 day rollover period would end prior to August 31, 2020 the deadline to complete the rollover was extended to this date.
If you received an RMD from your IRA and cannot roll the distribution over without violating the one rollover per year rule, you may repay the distribution back to your IRA provided the repayment is completed no later than August 31, 2020.
How does this affect inherited IRA distributions?
If you were required to take a distribution within 5 years following the year of the original account holder’s death, do not count 2020 toward the 5 years. Essentially you have six years, instead of five, to distribute the inherited IRA if 2020 is within your 5 year period.
Additional information can be found here.