IRS gives relief to those who think they must take a required minimum distribution from their pension plans in 2009
Have you taken a required minimum distribution in 2009? If you did so, and did not want to, you now can pay it back under the Worker, Retiree, and Employer Recovery Act or 2008.
Notice 2009-82 provides relief for you who have already received a 2009 required minimum distribution. With this new ruling, individuals generally have until November 30, 2009, or 60 days after the date the distribution was received (whichever is later), to roll over the distribution.
Example: Ken took his 2009 required minimum distribution of $27,000 in January 2009. Even though 60 days have passed, the IRS now allows Ken to return all or any part of the $27,000 by November 30, 2009, as a qualifying rollover.
Consult your tax advisor before making any moves. We are here to help.