72T Depleted

L1: 72T DepletedBecause of the new MRD rules, excess money from a depleted IRA in 2002 can sometimes be rolled back into the IRA. I”m not sure if this applies to me considering the following:
I am 58 years old.On 9-9-02 my distributions of $2,000/mo ended; however, there was still $280 left in the account plus some worthless restricted stock. In Dec. 2002, I decided to take the $280 and have the restricted certificates sent to me as a distribution thereby closing the IRA account.
If I can roll money back into the IRA, does this mean I can put $18,000 back in and deduct this amount from my taxes?
Any thoughts would be appreciated.2003-01-04 16:25, By: BM, IP: [127.0.0.1]

L2: 72T DepletedHello BM:
Conceptually a good idea; but the IRS beat you to the punch by saying:
“a modification…will occur if…(iii) a rollover by the taxpayer of the amount received resulting in such amount not being taxable”. From .02(e) of revenue ruling 2002-62.
In short, the iRS has made it explicitly clear, SEPP withdrawals are a one-way street.
TheBadger
wjstecker@wispertel.net

2003-01-04 16:54, By: TheBadger, IP: [127.0.0.1]