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IRA rollover eligibility

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    IRA rollover eligibility

    Customer age 73, recently (early this month) took her 2020 IRA RMD of $ 21,000.
    $6,000 of it was distributed to 3 QCD's and $ 15,000 went to her. If I'm reading correctly, it appears RMD requirements will be suspended for the 2020 tax year.
    RMD's are normally not eligible for a 60 day rollover, but I'm thinking my customer might be eligible to rollover the $ 15k under these circumstances.
    Think this is correct ? Thanks for comments.

    #2
    If you already paid your tax bill they are not going to give it back. Neither will they give back estimated payments already made. I cant undo a roth conversion made in Jan or Feb so that I can pay lower taxes on the decreased value of the IRA. So why would they allow this? Please. pardon any snark it is not directed at you but at this entire situation
    "Dude, you are correct" Rapid Robert

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      #3
      Interesting. But we don't even have the bill passed yet. I am sure they will run into these situations if RMD's are suspended and it will be addressed. But your client will have to wait for a definitive answer, as the custodians are not set up to do rollovers such as this, nor even contributions in her situation. Stay tuned.

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