Can I pay back my IRA distributions after starting at age 66?
At age 66, I started distributions and now am making over $200k per year. Can I pay back the money already sent to me and then start taking benefits again at age 70? How would that benefit me?
Permalink Submitted by Alan - IRA critic on Fri, 2013-10-18 01:18
You can only roll back one distribution and that distribution must have been received in the last 60 days. No other funds can be rolled over or returned to the IRA. If you want to delay IRA RMDs that start at 70.5 you may be able to roll what is left in your IRA over to your current employer’s qualified plan and that will eliminate IRA RMDs until after you retire. You can make a new regular IRA contribution of some type, but that is limited to 6,500 and you probably cannot deduct it.