As with other types of disaster distributions, repayment of a coronavirus related distribution from an IRA is not considered to be a rollover with respect to the one-rollover- per-12-months limitation on rollovers from an IRA, so, assuming that you have done no other rollovers of either traditional or Roth IRA distributions made within the 12 months preceding the distribution of $500,000 from your IRA, the $500,000 distributed from your IRA can be rolled over by the 60th day following the date of that distribution. Missing that deadline will result in the $500,000 being taxable and ineligible fro rollover. Since you will be using the money for some purpose, the distribution will not qualify for any waiver of the 60-day deadline.
