2020 RMD

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Viewing 4 posts - 16 through 19 (of 19 total)
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  • #5438
    wj
    Participant

    I made two separate IRA distributions in early March. Do these qualify as CV distributions? And under current guidelines, can i roll over only one of these distributions (if done within 60 days of the distributions) ?

    #5440
    Alan S.
    Participant

    You can only roll over 1 distribution, but you could convert the other one in addition to the one permitted rollover. Or if you qualify for a corona virus distribution, you could roll over all such distributions up to 100k. To so qualify you must be directly impacted by the virus, but the IRS could broaden the qualifications that are not yet clearly defined.

    #5479
    wj
    Participant

    Thank you for the help. Have now done both a 60 day in-kind rollover and a conversion. Interestingly, one person at Fidelity asserted that the drop in value of the rollover stock would be reported as a distribution from the IRA (therefore taxable). Seems ridiculous, since if the stock had increased in value, would that have been reported as an IRA contribution?? But I have no longer have any earned income, and cannot contribute to an IRA.

    #5488
    Alan S.
    Participant

    Fidelity was correct only with respect to the converted distribution as the 1099R will report the value of the shares when distributed and you will owe tax on that amount.

    But the other rollover to a TIRA account is non taxable whether the shares rose or dropped while not being in an IRA.

Viewing 4 posts - 16 through 19 (of 19 total)
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