2020 RMD WITHDRAW ROLLOVER
I took some money out of my Traditional IRA despite the waiver of RMDs by the CARES act. I am wondering if I can return some of that money now to my IRA in order to reduce my 2020 taxable income.
I took some money out of my Traditional IRA despite the waiver of RMDs by the CARES act. I am wondering if I can return some of that money now to my IRA in order to reduce my 2020 taxable income.
Permalink Submitted by Alan - IRA critic on Wed, 2021-01-20 14:52
Only if you removed the funds less than 60 days ago, and you qualify for a rollover under the one rollover limitation. Notice 2020-51 included provisions to return these amounts by 8/31 even if they were distributed as far back as January, and the one rollover limit would not have applied. But that benefit expired on 8/31.