Cares act rmd 2020
I saw that the cares act deals with postponing RMDs for 2020. Many of my clients took in January 2020. Anyone hear if they would be able to put it back into their IRA??
I saw that the cares act deals with postponing RMDs for 2020. Many of my clients took in January 2020. Anyone hear if they would be able to put it back into their IRA??
Permalink Submitted by Alan - IRA critic on Thu, 2020-03-26 23:21
Once the proposed provisions are signed into law, prior 2020 distributions are no longer RMDs and therefore eligible for rollover. However, there is nothing in Sec 2203 of the CARES Act that addresses extension of the 60 day rollover period, the limitations of the one rollover rule for 12 months, or the fact that non spousal inherited IRA distributions are not rollover eligible in the first place. I expect the IRS will have to clarify these issues in coming days, and in fact will have a major task in interpreting all the holes in this Act.