Is IRA Distribution Eligible for Extended Rollover? | Ed Slott and Company, LLC

Is IRA Distribution Eligible for Extended Rollover?

Client takes monthly IRA distributions. On 4/23 he also took a $20k distribution and withheld no taxes because, at the time, he thought he would be able to roll it back in within 60 days. He's now bumping up against the original deadline. Could this distribution fall under the extended deadline of August? (FYI...this cannot be considered a Coronavirus Related Distribution.)

The 8/31 deadline only applies to amounts that would have been RMDs, but for the CARES Act. Was client RMD age? If not, and he is eligible for a rollover, his 60 day deadline would have been yesterday if 4/23 was the received date for the distribution. But if he received it by mail, go by the actual received date to start the 60 day count.

 

Find members of Ed Slott's Elite IRA Advisor GroupSM in your area.
We neither keep nor share your information entered on this form.
 

I agree to the terms and services:

You may review the terms and conditions here.