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The IRS on Tuesday announced that anyone who already took arequired minimum distribution (RMD) in 2020 from certain retirementaccounts now has the opportunity to roll those funds back into aretirement account following the CARES Act RMD waiver for 2020.

In Notice 2020-51, the IRS states that the 60-dayrollover period for any RMDs already taken this year has beenextended to Aug. 31, "to give taxpayers time to take advantage ofthis opportunity."

The Notice also answers questions regarding the waiver of RMDsfor 2020 under the Coronavirus Aid, Relief, and Economic Security(CARES) Act.

The CARES Act enabled any taxpayer with an RMD due in 2020 froma defined-contribution retirement plan, including a 401(k) or403(b) plan, or an IRA, to skip those RMDs this year, the IRSstates.

This includes anyone who turned age 70 1/2 in 2019 and wouldhave had to take the first RMD by April 1, 2020.

The waiver does not apply to defined-benefit plans.

In addition to the rollover opportunity, an IRA owner orbeneficiary who has already received a distribution from an IRA ofan amount that would have been an RMD in 2020 can repay thedistribution to the IRA by Aug. 31.

"The notice provides that this repayment is not subject to theone rollover per 12-month period limitation and the restriction onrollovers for inherited IRAs," the IRS said.

The notice provides two sample amendments that employers mayadopt to give plan participants and beneficiaries whose RMDs arewaived a choice as to whether or not to receive the waived RMD.