Question

IRA RMD

Forum|Forum|6 years ago
May 30, 2020
1 reply
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My IRA was set-up to auto draft a monthly amount into my bank account. However, the amount mistakenly set too high and now the amount withdrawn for the year is much more than my RMD, which is making my tax liability much higher. Is there any way to roll the excess amount back to the IRA to avoid the additional taxes?

macuser_22

Employee

Yes you can roll over any or all of your 2020 withing 60 days of the distribution.

Because the CARES act eliminated the 2020 RMD requirement altogether, even if beyond the 60 day limit, if the distribution as after January 2020 then you have until July 15 to roll any or all of the RMD back. (If in January then that does not apply) - provide that you have not made another rollover in the past year.

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**