Roth withdrawals

Submitted by Jonathan Holthe on Fri, 2020-07-31 16:31

A client (73 years old) took a Roth IRA qualified withdrawal of $74k on 5/22/2020. They now have an extra $10k in the bank they do not need to access. Is there any way they can rollover or put that money back into the same Roth (& only Roth account)? They already made a $7k Roth Contribution for 2020 from a younger spouse that has earned income.



Submitted by Jonathan Holthe on Fri, 2020-07-31 16:33

I should also mention there is nothing Covid related.

Submitted by Alan - IRA critic on Fri, 2020-07-31 17:02

  • The 60 day rollover period has ended. Therefore, the only possible path to completing a rollover now lies in Rev Procedure 2016-47.  You can check it out here just in case client happens to qualify under one of the situations listed.    
  • https://www.irs.gov/pub/irs-drop/rp-16-47.pdf

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