Retirement savers were given the opportunity to forgo Required Minimum Distributions (RMD) for 2020 as part of the CARES Act, which was passed into law in March of 2020 in response to the COVID-19 pandemic. This RMD relief applies to all types of IRAs (except Roth IRAs which do not require RMDs in the first place), 401(k), 403(b) and even includes inherited accounts. This benefit allows account holders to reduce their taxable income for calendar year 2020 and to preserve the tax deferred growth offered by these accounts for a bit longer. Of course, those that need the funds for living expenses are permitted to still take distributions as normal.