IRS Extends 60-Day IRA Rollovers to July 15

April 15, 2020 by Melanie Waddell

As part of a larger relief package, the Internal Revenue Service extended late Thursday the 60-day rollover rule for individual retirement accounts until July 15, but only for distributions taken between Feb. 1 and May 15 of this year, IRA expert Ed Slott told ThinkAdvisor.

Unknown to most, the IRS in Notice 2020-23 — which extended several tax deadlines — “indirectly” included an extension of the 60-day rollover rule, Slott said in a Friday email.

The Coronavirus Aid, Relief and Economic Security (CARES) Act waived 2020 required minimum distributions, “but that wasn’t enacted until March 27,” Slott explained, “and by that time some people already took their IRA and plan RMDs.”

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Originally Posted at ThinkAdvisor on April 10, 2020 by Melanie Waddell.