RMD Reversal
Client age 86, would like to put the distributions taken in 2009 back into his IRA. His RMD for 2009 is $10,700 and he has taken $11,250 can this be done?
Client age 86, would like to put the distributions taken in 2009 back into his IRA. His RMD for 2009 is $10,700 and he has taken $11,250 can this be done?
Permalink Submitted by Alan Spross on Tue, 2009-10-20 19:55
The most he can roll back to the IRA is the RMD amount, ie. $10,700. He has until 11/30/09 to complete the rollover.
However, note that there is no relief regarding the one rollover rule per 12 month period. Therefore, he cannot roll back anything if he had a rollover from this same IRA in the 12 months prior to the distribution date of the RMD. If the roll back is permissible due to lack of prior rollovers and he uses the rollover relief for the RMD, then he cannot do another rollover from this IRA for 12 months following the RMD distribution date.