2009 Required Minimum Distributions Waived for 2009

Due to market conditions over the past 18 months, the IRS announced that required minimum distributions (RMD) for 2009 are waived for IRAs and other retirement plans, including Traditional IRAs, SEP, SIMPLE, Inherited IRAs, 401(k), and 403(b)(7).

As a result of the IRS waiver and its late announcement in 2008, the IRS recently issued new guidance for additional relief.  If you are an IRA owner, plan participant, and eligible beneficiary that has already taken a 2009 required minimum distributions, you now have the option to roll 2009 distributions back into the same account or into another tax-deferred retirement account.  You have until November 30, 2009, (already passed) or 60 days from the date the funds were received, whichever is later.  Only one RMD distribution roll-back is allowed.  2008 RMDs were not waived and may not be rolled back, under this new guidance.