Combined Notice 2020-51 RMD repayment and 60-day rollover?
Have two IRAs at same custodian. Took RMD from IRA#1 in January. Can I take a distribution from IRA#2 in August to repay the RMD from IRA#1 prior to 8/31/2020 under Notice 220-51, and then redeposit the IRA#2 distribution in September under the 60-day rollover rules. Cash for IRA#2 rollover will (hopefully) come from closing of a home sale which will not happen by 8/31.
Permalink Submitted by Matt Olver on Tue, 2020-07-21 21:35
Sorry – mean to say Notice 2020-51 in the body of the question.
Permalink Submitted by Alan - IRA critic on Tue, 2020-07-21 21:38
You can do this as long as you have a rollover available, and you can distribute from any IRA you own. You cannot have done another 60 day rollover in the 12 months prior to the August distribution. The January rollover per Notice 2020-51 does not count.