Fair Market Value of IRA with a 60 day rollover at end of year
Hi,
I had a 60 day rollover of $15,000 between December and January of last year, where the $15,000 was not in the account for the end of year Fair Market Value assessment. To calculate my RMD for this year, should I add the $15,000 back to the FMV to calculate the correct FMV? It was all done within the 60 day time frame, but the insurance company shows my FMV as $6,000 because that is all that was in there on 12/31/2021.
Permalink Submitted by Alan - IRA critic on Wed, 2022-12-14 23:36
Yes, 15k is considered an “outstanding rollover” and should be added to the 12/31/2021 IRA balance for purposes of calculating the 2022 RMD. It should also be included on line 6 of Form 8606 for 2021 if you have IRA basis and you had a taxable distribution or conversion in 2021.