2020 RMD TAKEN IN JANUARY !
Dear Ed and Team – a family member took the RMD in early January, consistent with prior years timing. The CARES ACT provided relief for any RMD taken POST – 02/01/2020 if the participant wishes to reverse / rollover the RMD back into the DC plan. This does not take into account relief for January 2020 RMD taken. Any IRS relief anticipated for January 2020 RMD taken so that these too are eligible for rollover?
Thanks for all
Edward R Steele, CPA
Chief Executive Officer
Kateed, LLC
Permalink Submitted by Alan - IRA critic on Fri, 2020-05-08 02:13
Sorry your post got overlooked temporarily. Quite a few people have complained about this rollover inequity for January distributions, resulting for extension of the rollover deadline only for deadlines after the CARES Act was signed. The 60 days therefore was only provided for distributions taken 2/1 or later. Wild guess is that there is a chance for further relief, but I am not aware of any specific action yet in either additional Congressional relief legislation or by IRS authority. The IRS may not have the authority to grant relief without Congressional action either in additional legislation or by technical correction.