Coronavirus Relief for IRAs and 60 day rollovers | Ed Slott and Company, LLC

Coronavirus Relief for IRAs and 60 day rollovers

I'm assuming that if an IRA owner already took his/her RMD before the Relief, that they will be able to rollover the distribution if within the 60 day period. The IRA owner will need to make up any tax withholding, but can rollover the entire amount. Am I correct in making this assumption?

Yes, the amount withheld can be replaced with the IRA owner's other funds so that the gross amount of the rollover is returned to the IRA. If over 60 days since the distribution was received, the owner could only do the rollover if the RMD qualified as a "Corona virus related" distribution. There are some other threads posted here that explains this in more detail.

Thank you for the response.

 

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