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Question for the Money Doctors

Question submitted on Apr 10, 2020.

Question

The new Care act allows us to defer RMD for 2020 if we want. I took my distribution prior to the act, in January. Can I undo that withdrawal and if yes, how!

Answer

Currently,the CARES Act allows people to unwind their unwanted 2020 RMDs through the traditional 60 day IRA rollover vehicle.  Being a January early bird, makes you ineligible to do a 60 day rollover in April.  It is possible that the Government will amend the CAREs Act to allow people like you who took their RMD before the new law was enacted in March to also be able to unwind their unwanted RMD.  Please be in touch with your CPA/PFS advisor who will keep you up to date on current changes in the law.


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