60 day rollover
I had a client take a distribution from his IRA on 02/19/2020. The normal 60-day window would end around April 18th or 19th.
I have heard that the CARES act is extending this and my client has until 07/15/2020.
Is this true? Does he have until 07/15/2020 or only until today?
Permalink Submitted by Alan - IRA critic on Fri, 2020-04-17 13:50
He has until 7/15. But he also must have a rollover available, since only one rollover can be done over a 12 month period.
Permalink Submitted by Robert Roselli on Fri, 2020-04-17 13:55
He took his RMD for 2020 (which was required then) in one lump sum. Now he wants to put the whole thing back.I had asked a question last week, that he also has a profit sharing plan. He did the same thing. he took his entiredistribution on 02/19. I was told he can put back his PS plan also. So he’s good to put them both back, and has until 07/15?
Permalink Submitted by Alan - IRA critic on Fri, 2020-04-17 14:11
Yes, he can return the PS plan distribution up to 7/15 if that plan will accept it and it was taken on Feb 1 or later. Same with the IRA, but in addition the IRA also has a one rollover limitation per 12 month period.