IRA ACCOUNT
Hello if i want to take money from my IRA money and plan to put it back in 60 days what rules need to be followed so it does not count as distribution. Also i pland to take my RMD for 2022 should i take RMD first or later?
Hello if i want to take money from my IRA money and plan to put it back in 60 days what rules need to be followed so it does not count as distribution. Also i pland to take my RMD for 2022 should i take RMD first or later?
Permalink Submitted by Alan - IRA critic on Thu, 2022-01-06 20:01
In an RMD year, the first distribution you take applies to the RMD. If you roil over an RMD it creates an excess contribution to the extent of the RMD amount. Therefore, complete your QCDs first if you are donating from your IRA, then complete the rest of your RMD before you take a distribution (including a conversion) to be rolled over. If you have more than one TIRA account, the rules are somewhat more confusing.