IRS RMD | Ed Slott and Company, LLC

IRS RMD

Client took out his IRS RMD February 10, 2020 (before Covid). He wants to know if he can return it without issue. I thought there was a date cutoff for that, but I can’t find that anymore. All I can see now is that as long as he returns it by August 31st, he is ok, no matter when he took it out. Is that right?

Yes, correct.  Notice 2020-51 allows amounts distributed anytime in 2020 that would have been RMDs had they not been waived, to be returned to the IRA account that made the distribution. The 60 day and one rollover limitations do not apply, but the amount must be returned by 8/31.

 

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