Hot off the press from IRA expert, Ed Slott’s office:
IRS released IRS Notice 2020-51 which extended the deadline to August 31, 2020 to return any unwanted 2020 RMDs.
ALL unwanted RMDs taken in 2020 can now be returned – rolled over – back to an IRA or company plan.
By “ALL” we mean ALL, even non-spouse IRA or plan beneficiaries (who could never do a rollover… until now). The 60-day rollover period is extended to August 31, 2020, no matter when in 2020 the RMD was taken. For example, if an RMD was taken in January 2020, it can still be returned by August 31, 2020. In addition, the once-per-year rule is waived for this relief, so those who took monthly RMDs earlier in the year can return them all.
This new guidance applies to RMDs only. Withdrawals of non-RMD funds are still bound by the one-rollover-per-year rule and the standard 60-day rollover rule.
If you have further questions or have interest in exploring the option of rolling back your RMD, please contact your financial advisor.
IRS Extends Rollover Deadline for 2020 RMDs
Article from www.irahelp.com
The IRS has extended the rollover deadline for required minimum distributions (RMDs) taken from IRAs or company plans in 2020. In Notice 2020-51, released on June 23, the IRS said that any unwanted 2020 RMDs can be repaid via rollover to an IRA or company plan by August 31, 2020. Click here to read this article.
Blog by Greg Storen, MBA – Financial Advisor, Senior Tax Professional
Learn more about Greg and the rest of the Storen Financial team here.