Tuesday, September 29, 2009

Required Minimum Distributions on Retirement Accounts

Required Minimum Distributions ("RMD"):  IRS Grants Relief with Notice 2009-82

There is good news if you withdrew required minimum distributions in 2009 without knowing that the 2009 RMD was waived by the Worker, Retiree, and Employer Recovery Act of 2008.  The IRS has extended the deadline to November 30, 2009 for you to put the money back so that you do not have to pay tax on the unnecessary withdrawal.  The authority for this is Notice 2009-82. 

Under this Notice, individuals generally have until November 30, 2009, or 60 days after the date the distribution was received, whichever is later, to roll over the distribution.

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