Tax pros are cooped up at home, and some are hatching creative strategies around the new coronavirus relief law. Here's what you should know and what's viable.
of having taken the money and if you haven't made any rollovers from one IRA to another in the last 12-month period, you can redeposit the RMD you took earlier this year, Slott said."Maybe you took $10,000 for an RMD, but you really received $7,000 because $3,000 went to taxes," said Dave Du Val, enrolled agent and chief customer advocacy officer for TaxAudit.
What would be kosher, however, is just converting a portion of your IRA to a Roth – and doing so without a creative interpretation of the COVID-19 relief bill. "There's definitely the argument now that you should just think about converting because tax rates and account values are both down," said Hopkins.
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