60 day rollover
some one had done a distribution September 1st, 2009 and wants to take another distribution today and then within 60 days put both distributions back in as a 60 day rollover . I know you can only do 1 60 day rollover in 12 months. Could you give me some information on this?
Permalink Submitted by Alan Spross on Tue, 2009-10-20 23:55
The rollover limitation is based on the distribution, not on the rollover contributions or dates. Therefore, only one of these distributions can be rolled over and the other will be taxable and not eligible for rollover. Right now the 9/1 distribution can still be rolled over, but if larger distributions are planned, it might be better to save the rollover for a larger amount.