Q. I’m confused about the new rules for required distributions. I already took my IRA distribution for 2009. Can I undo it? B.T.R., W. Hartford, Conn.
A. Yes. The 2008 pension law suspended RMDs for 2009. If you decide that you don’t need the money this year, you’re allowed to roll over the distribution back into your IRA tax-free. But you have only 60 days from the receipt of the funds to complete the rollover.
Tip: If you roll over the funds to an IRA, you could still take a subsequent distribution this year if you need the cash.
- Small Business Tax Deduction Strategies No matches