According to the existing regulations, all owners of the tax-deferred retirement plans have to take the Required Minimum Distribution (RMD) every year upon reaching the age of 70-and-a-half, and all RMDs are considered a taxable income.
But a newly enacted federal law known as the Coronavirus Aid, Relief and Economic Security Act (CARES Act) makes the 2020 RMD optional. Moreover, the IRS announced that anyone who already took an RMD in 2020 from certain retirement accounts has the opportunity to roll those funds back into a retirement account.
I think that this provision of the CARES Act does more harm than good.
Because of the COVID-19 pandemic our government needs a lot of money, but the act makes the mandatory and taxable withdrawals optional, and therefore the IRS will get less tax money.