2020 RMD mistake
I made a mistake with my 2020 RMD. I took my RMD early in 2020 and had some of it withheld for taxes. When we found out RMD’s were not required I rolled the whole RMD amount back into the IRA without considering the withholding. Can I fix this before I file my 2020 tax return?
Permalink Submitted by Alan - IRA critic on Sat, 2021-02-20 14:34
No, you had until 8/31 to replace the distribution including the withholding per Notice 2020-51. However, since the taxable amount of your distribution was entirely withheld, that should contribute to a tax refund when you file soon, or if you were going to owe taxes, you wlll owe less.