- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
You can't cancel a withdrawal, but you can return the distribution back to the original account, or deposit it into a new private IRA and call it a "rollover" within 60 days, and pay no tax. That's part of the normal rules, you always have 60 days to return a distribution or roll it over.
If it is more than 60 days, you would have to be able to certify that it was a COVID-related distribution, then you get 3 years to return it or deposit it in a new account.
If you don't feel that you can honestly certify this was a COVID related withdrawal, and it is more than 60 days, then it is just a regular withdrawal and subject to income tax plus the 10% penalty. But since the withdrawal was less than $3000, it's not that expensive a mistake.
‎November 6, 2020
1:13 PM
2,615 Views