Repayments of Qualified Reservist Distributions. You may repay qualified reservist distributions (as defined by the Code and Treasury Regulations) by making one or more contributions to your IRA within two years of the end of your active duty. The aggregate amount that may be repaid may not exceed the amounts of such distributions and is in addition to other eligible contribution amounts. No tax deduction is allowed for these contributions. For more information, consult your tax advisor. Other Distributions Eligible for Repayment. Certain distributions may be repaid to your IRA. Distributions eligible for repayment include:
Repayments of Qualified Reservist Distributions. You may repay “qualified reservist distributions” (as defined by the Code and Treasury Regulations) by making one or more contributions to your IRA within two years of the end of your active duty. The aggregate amount that may be repaid may not exceed the amounts of such distributions and is in addition to other eligible contribution amounts. No tax deduction is allowed for these contributions. For more information, consult your tax advisor. Repayments of Qualified Birth or Adoption Distributions. You may repay “qualified birth or adoption distributions” (as defined by the Code and Treasury Regulations) by making one or more contributions to your IRA (or another eligible retirement plan) within limits prescribed by the IRS. The aggregate amount that may be repaid may not exceed the amounts of such distributions and is in addition to other eligible contribution amounts. For more information, consult your tax advisor. Repayments of Coronavirus-Related Distributions. You may repay “coronavirus-related distributions” (as defined by the Code and Treasury Regulations) by making one or more contributions to your IRA (or another eligible retirement plan) any time during the 3-year period beginning on the day after the date on which the distribution was received. The timeframe for repayment may be modified by Congress or the Treasury Regulations. The aggregate amount that may be repaid may not exceed the amounts of such distributions and is in addition to other eligible contribution amounts. For more information, consult your tax advisor.
