Unprecedented Relief! 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.
FedSavvy Educational Solutions takes no responsibility for the current accuracy of this information. Securities offered through J.W. Cole Financial, Inc. (JWC) Member FINRA/SIPC. Advisory Services offered through J.W. Cole Advisors (JWCA). FedSavvy Eduational Solutions and JWC/JWCA are unaffiliated entities. Securities are not FDIC insured or guaranteed and may lose value. Investments are not guaranteed and you can lose money. This presentation is for educational purposes only and is not an offer to buy or sell an investment. Neither FedSavvy and JWC/JWCA are tax or legal advisors and this information should not be considered tax or legal advice. Consult with a tax and/or legal advisor for such issues.
