marko
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Mar 16, 2011
- Messages
- 8,503
Slow day at the marko household. This is just a theoretical/academic question.
As I understand it, you can withdraw from you IRA, pay no tax at withdrawal and if you return it to the IRA within 60 days there's no tax or penalty.
What would prevent you from withdrawing your RMD amount mid December, satisfying the IRS and then returning it to your IRA mid January? My take is that the IRS only looks for the RMD amount withdrawn, not the taxes paid. If that's not so, then the whole plan is moot. Just asking, not advocating anything.
As I understand it, you can withdraw from you IRA, pay no tax at withdrawal and if you return it to the IRA within 60 days there's no tax or penalty.
What would prevent you from withdrawing your RMD amount mid December, satisfying the IRS and then returning it to your IRA mid January? My take is that the IRS only looks for the RMD amount withdrawn, not the taxes paid. If that's not so, then the whole plan is moot. Just asking, not advocating anything.