Frequently Asked Question
Our broker switched firms in the middle of 2011. As a result we lost track of our required minimum distribution (RMD) amounts and ended up withdrawing much more than our RMD. Is there a way to defer some of the withdrawal to 2012 to avoid the tax liabilit
It depends. The only way to defer including any of the amount in your income is to rollover the amount. However, amounts in excess of your RMD can be rolled over only if the amount is rollover eligible and the rollover is completed within 60-days of you receiving the distribution. Note: The 60-day period starts with the date you received the amount, and not the date the withdrawal was made from your IRA. Therefore, the amount in excess of your RMD can be rolled over, providing it is not more than 60-days since you received the distribution. If it has been more than 60-days since you received the amount, it is not rollover eligible.
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Denise Appleby
Denise Appleby is founder and owner of Appleby Retirement Consulting,which provides technical consultation, content, coaching, writing, editing and training services on related topics.
With more than 14 years of experience in the IRA and defined-contribution plans fields, Appleby has held several senior retirement-plan related positions with Pershing LLC, which included vice president of plans products and services, retirement plans manager, trainer, training manager, compliance consultant, technical help desk manager and writer.
With more than 14 years of experience in the IRA and defined-contribution plans fields, Appleby has held several senior retirement-plan related positions with Pershing LLC, which included vice president of plans products and services, retirement plans manager, trainer, training manager, compliance consultant, technical help desk manager and writer.
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