CARES Act allowable IRA distributions - Spidell

CARES Act allowable IRA distributions

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Message Board CARES Act allowable IRA distributions

  • This topic has 3 replies, 3 voices, and was last updated 1 month, 1 week ago by Robert Johanson.
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    • #250190
      Robert Johanson
      Participant

      Don’t know if this has been previously answered but the CARES Act allows coronavirus-related distributions from IRA accounts and allows the owner to spread the income over 3 years or restore the distribution within 3 years to avoid taxation.  Do we know if this applies to inherited IRAs ?

    • #250301
      Lynn Freer
      Participant

      I believe so.

    • #250365
      Gerald Weiss
      Participant

      For a non spousal IRA there is no rollover provision. So I don’t know how you could do the 3 yr roll back and thus would not think its part of the CARES act.

    • #250425
      Robert Johanson
      Participant

      Gerald brings up a point that had not occurred to me.

      Thanks

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