Traditional IRA of over 70.5

[erchess]

Taxpayer took money out of IRA during the year and now based on year end value it appears that he took out more than the RMD so he wants to put the balance back. I told him he can't do that. Am I correct?

[Bees Knees]

The RMD required to be taken out during 2008 is based on the account value as of December 31, 2007. What it is worth now is irrelevant.

Regardless, he can't put the money back unless it is within 60 days of the distribution, in which case you could treat it as a rollover.