RMD Already Taken in 2020 – Can it be reversed?
A client has already taken their RMD for this year. With the delay of RMDs being signed today, are they able to put that back into the account?
Thanks!
A client has already taken their RMD for this year. With the delay of RMDs being signed today, are they able to put that back into the account?
Thanks!
Permalink Submitted by Alan - IRA critic on Fri, 2020-03-27 15:48
If they took the distribution that will no longer be an RMD under the bill, are still within 60 days of receipt, and do not run afoul of the one rollover limitation, they should be able to roll at least one distribution back. If they are subject to these other limitations, they cannot do the rollover unless the current bill is changed by a technical corrections bill later on.