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Rules on Rollovers (Return of a non-taxed IRA Distribution).

Customer Question
Over 70-1/2 years old) JA: The...
Rules on Rollovers (Return of a non-taxed IRA Distribution). Over 70-1/2 years old)
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: I wish to return a non-taxed distribution from my IRA. I have satisfied my RMA for this year (1971) and paid the tax.
JA: Is there anything else the Accountant should be aware of?
Customer: Nothing I know of.
Submitted: 4 months ago.Category: Tax
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Answered in 10 minutes by:
7/20/2017
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 4 months ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4,736
Experience: 35 years tax experience, including four years at a Big 4 firm.
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Hi from just answer. Customerhere.What date did you take the nontaxable distribution you wish to return?
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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 4 months ago
You get 60 days to return an IRA distribution, even to the same account, for tax free rollover treatment. Anything longer requires reporting, even if or is tax free.Your age does have an impact of you are no longer working and you are past the 60 days. If that is your fact pattern, you can't contribute to a new ira, and must report the distribution in 8606.Thanks for asking at just answer. Positive feedback on our five star rating scale completes your request. I'mCustomer
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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 4 months ago

Hi again.Customerhere.

Can I ask you to take a moment to rate my assistance on our five star scale? That completes your request and releases payment to the expert for assistance.

Customer/p>
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PDtax
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4,736
4,736 Satisfied Customers
Experience: 35 years tax experience, including four years at a Big 4 firm.

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