Multiple 403B accounts and Required Minimum Distributions

[Guest fusiuser]

A client has 2 403B accts..they calculate RMD for both and take it from one acct..then transfer both to an IRA..however they fill out paperwork wrong and get an RMD check from the other 403b acct...can they simply roll this money into the ira within 60 days or since it was coded as an rmd do they have to take the distribution?

[Michael Devault]

Any amount distributed which is not a required distribution is an Eligible Rollover Distribution. So, they should be able to roll it into an IRA.

I suggest that your client documents the transaction well, just in case the IRS questions the second distribution since it was coded as a required distribution.

Good luck!