In today’s WSJ, Ed Slott is cited as saying “….the IRS on Thursday (April 9) issued a notice that lets anyone who took an RMD between Feb. 1 and May 15 put the money back by July 15. Essentially, it gives the people in this group an extension to July 15 on the 60-day rollover deadline ….”
Could someone tell me what Notice this is? I can’t seem to find anything that includes this information.
CFR 301.7508A–1 *allows* the IRS to postpone the rollover deadline by reason of a federally declared disaster, but none of the referenced Rev Proc or Notices addresses rollovers under the present circumstances, as far as I can tell. Perhaps there will be an upcoming notice that does this, but as far as I can tell, no such notice has yet been published: https://www.irs.gov/pub/irs-drop/
There is an extensive list of code section and regulations linked to Notice 2020-23 for which actions due by 4/1 are now due by 7/15. However, this does nothing to help taxpayers who took their 2020 RMD in January and cannot now roll it back. Therefore, those taxpayers are still looking for equitable relief.
Permalink Submitted by Todd Wnuk on Fri, 2020-04-10 16:33
I emailed the author of the story and she pointed me to the notices and rev proc above. She said a source at the IRS clarified where to find the information as it related to an affected taxpayer.