2009 RMD’s
I have a new client who has already taken his 2009 RMD (set up automatically).
Since they are waived for 2009, can he put this money back in? Is it allowable to put the money if he is still within the 60 rollover window? His previous advisor knows nothing about these rules which is why he got in touch with me.
Thanks if you can point me to a reference to legally undo the distribution. As far as I know the money was direct deposited (ACH) to his bank. No check involved in case that makes a difference.
Craig
Permalink Submitted by Alan Spross on Wed, 2009-02-25 19:39
Yes, he can roll a distribution back within 60 days, if he has not already used up his one rollover per 12 month period. The ACH is treated as if he received a check. Here is the IRS Notice that includes the rollover solution:
http://www.irs.gov/pub/irs-drop/n-09-09.pdf
Permalink Submitted by Craig Adamson on Wed, 2009-02-25 19:47
Thank you Alan! I appreciate the link. I was hopefull there was a possible solution like the 60 day rule. I look forward to reading that and helping “save the day” so to speak.