IRA Rollover

[Burke]

TP over age 70 is required to take RMD's and did so. However, he withdrew $1,200 more than he had to. Can he roll over the excess? Thanks.

[Lion]

Within 60 days. Have him save documentation of the date it came out (not when he got the check in the mail) and the date he put it back in.

[taxea]

TP over age 70 is required to take RMD's and did so. However, he withdrew $1,200 more than he had to. Can he roll over the excess? Thanks.

I thought RMD meant Required Minimum Distribution..above that amount he can take as much as he wants.

[TAXNJ]

CORRECT but

I thought RMD meant Required Minimum Distribution..above that amount he can take as much as he wants.

CORRECT but, generally, the amount that is in excess of the RMD amount is rollover eligible because the RMD for the year would already have been satisfied.

For more info you would have to do research on RMD distributions and rollovers.

[AZ-Tax]

I believe its when the TP receivces the funds

Within 60 days. Have him save documentation of the date it came out (not when he got the check in the mail) and the date he put it back in.

When should I roll over?

You have 60 days from the date you receive an IRA or retirement plan distribution to roll it over to another plan or IRA. The IRS may waive the 60-day rollover requirement in certain situations if you missed the deadline because of circumstances beyond your control.

https://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/Rollovers-of-Retirement-Plan-and-IRA-Distributions

[Burke]

I have the dates and it is still within the 60 days. Will advise he has the option and I think he will exercise it. Thanks.

[Y2KEA]

I have the dates and it is still within the 60 days. Will advise he has the option and I think he will exercise it. Thanks.

Make sure he didn't do another indirect rollover within the past 365 days. Or in the next 365 days.

[Burke]

Right. Good point.