Someone took rmd 30 days ago from multiple IRA's and now wants to put back in | Ed Slott and Company, LLC

Someone took rmd 30 days ago from multiple IRA's and now wants to put back in

Someone took rmd 30 days ago from two IRA's (a sep and traditional) and now which the CARE act rmd waiver wants to put back in. What are their options?

Custodian is saying can't just put money back in and would have to do as 60 day rollover. Problem is one rmd came from a SEP IRA and the other rmd came from their traditional IRA. Is the client allowed only one 60 day rollover per person not per account? In which case they wouldn't be able to put it all back in IRA?

Also taxes were withheld. How would that be handled?

Thanks and sorry if this has already been asked, I looked but didn't see anything.

Yes, only one 60 day rollover for all IRAs combined. In this situation the largest distribution should be rolled back in the gross amount, replacing the withheld amount with other cash. As for the other distribution, the person could wait and see if Congress or the IRS determines that all distributions in 2020 are treated as Corona virus related distributions. If so, the other distribution could also be rolled back, and there would be up to 3 years to do that rollover. There are several posts here explaining this.

 

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