DOUBLE RMD’s
I inadvertently took two RMD’s in 2011 and would like to return one of them back to the IRA account, since the extra taxes will be a big problem. Can this be done, and if so, how? Thank you for your help.
I inadvertently took two RMD’s in 2011 and would like to return one of them back to the IRA account, since the extra taxes will be a big problem. Can this be done, and if so, how? Thank you for your help.
Permalink Submitted by Jose Morales on Fri, 2012-01-06 17:27
If the last distribution took place less than 60 days ago, you still have time to complete a rollover of the funds back into an IRA account. If it has been past 60 days there isn’t much you can do.
Permalink Submitted by Alan Spross on Fri, 2012-01-06 17:37
Any possibility that you turned 70.5 in 2010 and deferred your first RMD to 2011? If so, then you needed to take out both RMDs in 2011.
Also, if this was an IRA inherited from a non spouse, you could not use the 60 day rollover solution.