60 day rollover

Submitted by Shawn Danziger on Mon, 2020-03-30 18:37

since i already took my RMD for the year in early March, can i do the 60 day rollover BUT only put back half of it?

Permalink Submitted by Alan - IRA critic on Mon, 2020-03-30 20:20

You can roll back any portion you wish, subject to the one rollover limitation per 12 months.

Permalink Submitted by Joseph Kovach on Tue, 2020-03-31 15:49

What if longer than 60 days ago but still this year? any options anyone is aware of?

Permalink Submitted by Alan - IRA critic on Tue, 2020-03-31 15:59

If over 60 days, the next step is to determine if the distribution qualifies as a corona virus related distribution. While mainly for those directly impacted, there is a good chance that everyone will eventually be made eligible. If this happens you would have up to 3 years to roll it back, and in the meantime your 2020 distribution could be taxed 1/3 each year from 2020-2022. Congress will be passing more stimulus bills and may try to clean up last week’s bill, or the IRS will also have the authority to expand the eligibility for a CV related distribution.
Check what is says about these distribution in the following link:
https://www.kitces.com/blog/analyzing-the-cares-act-from-rebate-checks-to-small-business-relief-for-the-coronavirus-pandemic/?utm_source=Nerd%E2%80%99s+Eye+View+%7C+Kitces.com&utm_campaign=4b3655b1e2-NEV_MAILCHIMP_LIST&utm_medium=email&utm_term=0_4c81298299-4b3655b1e2-57212157