Return of RMD
Did I get this right: an IRA owner has until the later of 60 days or November 30, 2009,to return an RMD taken earlier in 2009, since it was not required. For holders of a Beneficiary (inherited) IRA, this option is not available. In the first intance, this only applies to the RMD amount if beyond 60 days, and relying on the 11/30/09 date, correct?
Permalink Submitted by Alan Spross on Thu, 2009-11-05 20:51
Al, correct on all counts. Another way of putting the deadline is that the 60 day limit does not end earlier than 11/30/09. Also, the one rollover limit per IRA still applies, so if taxpayer used up their one rollover earlier, they cannot roll the RMD over, and if they have the rollover option open and use it for the RMD, then a new 12 month clock starts for limiting future indirect rollovers.