topic I took out money from an inherited IRA in early 2018, can I repay that and reduce my tax burden? in Retirement tax questions

I took out money from an inherited IRA in early 2018, can I repay that and reduce my tax burden?

rick-denison — Thu, 06 Jun 2019 06:52:34 GMT

I inherited an IRA from my father in 2017. In 2018, I needed to take a distribution and closed the account. I am receiving further inheritance, not in the form of an IRA, but could I use a portion of this money to put back into an IRA or a previously closed 401k to reduce my taxes in 2018?

Sorry no. You only had 60 days to repay.

SweetieJean — Thu, 06 Jun 2019 06:52:35 GMT

Sorry no. You only had 60 days to repay.

you can contribute to an IRA for yourself and your spous...

fanfare — Thu, 06 Jun 2019 06:52:37 GMT

you can contribute to an IRA for yourself and your spouse up to the amount of your earned income or the limits, if you are eligible

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fanfare — Thu, 06 Jun 2019 06:52:38 GMT

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A distribution paid to a non-spouse beneficiary can never...

dmertz — Thu, 06 Jun 2019 06:52:39 GMT

A distribution paid to a non-spouse beneficiary can never be rolled over, i.e., it cannot be returned to a retirement account to avoid taxation.

You cannot, at this point, repay the IRA distribution to...

SharonC1 — Thu, 06 Jun 2019 06:52:42 GMT

You cannot, at this point, repay the IRA distribution to avoid paying taxes on it.