Common use of Waiver of 2020 RMD Clause in Contracts

Waiver of 2020 RMD. In spite of the general rules described above, if you are an XXX owner age 70½ or older, you are not required to remove an RMD for calendar year 2020. This RMD waiver also applies to XXX owners who attained age 70½ in 2019 but did not take their first RMD before January 1, 2020. In addition, no beneficiary life expectancy payments are required for calendar year 2020. If the five- year rule applies to an XXX with respect to any decedent, the five-year period is determined without regard to calendar year 2020. For example, if an XXX owner died in 2017, the beneficiary’s five-year period ends in 2023 instead of 2022.

Waiver of 2020 RMD. In spite of the general rules described above, if you are an XXX owner age 70½ or older, you are not required to remove an RMD for calendar year 2020. This RMD waiver also applies to XXX owners who attained age 70½ in 2019 but did not take their first RMD before January 1, 2020. In addition, no beneficiary life expectancy payments are required for calendar year 2020. If the five- five‐ year rule applies to an XXX with respect to any decedent, the five-year five‐year period is determined without regard to calendar year 2020. For example, if an XXX owner died in 2017, the beneficiary’s five-year five‐year period ends in 2023 instead of 2022.

Waiver of 2020 RMD. In spite of the general rules described above, if you are an XXX owner age 70½ or older, you are not required to remove an RMD for calendar year 2020. This RMD waiver also applies to XXX owners who attained age 70½ in 2019 but did not take their first RMD before January 1, 2020. In addition, no beneficiary life expectancy payments are required for calendar year 2020. If the five- five-year rule applies to an XXX with respect to any decedent, the five-year period is determined without regard to calendar year 2020. For example, if an XXX owner died in 2017, the beneficiary’s five-five- year period ends in 2023 instead of 2022.

Waiver of 2020 RMD. In spite of the general rules described above, if you are an a Traditional XXX owner age 70½ or older, you are not required to remove an RMD for calendar year 2020. This RMD waiver also applies to Traditional XXX owners who attained age 70½ in 2019 but did not take their first RMD before January 1, 2020. In addition, no Traditional or Xxxx XXX beneficiary life expectancy payments are required for calendar year 2020. If the five- five-year rule applies to an XXX with respect to any decedent, the five-year period is determined without regard to calendar year 2020. For example, if an XXX owner died in 2017, the beneficiary’s five-year period ends in 2023 instead of 2022.