IRS Provides Coronavirus-60 Day Rollover Relief
***CARES Act Webinar Update***
An IRS Notice was published last evening providing further guidance on the 60 Day Rollover Rule for required minimum distributions (RMDs).
Any RMD taken between February 1, 2020 and May 15, 2020 can be rolled over by no later than July 15, 2020.
In addition, the relief DOES NOT apply to the once-per-year IRA rollover rule. If you have done a 60-day rollover within 365 days preceding the distribution, then there is no relief and the RMD cannot be rolled over.
This rollover option is not available for Beneficiary IRAs.
If you have any questions, please contact us.
– High Falls Advisors Tax Department