IRA Rollover
may I use funds from my personal account for the rollover, BEFORE i receive the rollover amount
then when I receive rollover just replenish the personal account
may I use funds from my personal account for the rollover, BEFORE i receive the rollover amount
then when I receive rollover just replenish the personal account
Permalink Submitted by Alan Spross on Fri, 2010-10-01 23:01
Mark,
Did you see my response to your other post?
Permalink Submitted by Mark Fineberg on Sun, 2010-10-03 14:18
your response made no sense to me,you did not understand the question
Permalink Submitted by mk foss on Sun, 2010-10-03 21:06
The question is a little confusing. Are you asking whether you can use personal funds to complete a rollover? For example, say you took $14,000 from IRA A and you want to replace it with funds from IRA B – you’ve requested a distribution from B but it hasn’t arrived by the 55th day. It’s perfectly OK to use your own funds to pay back the $14,000 to IRA A that gets replaced by the IRA B distribution. Of course, the IRA B distribution must be rolled back or replaced within 60 days as well.
If this is not your question, please give us an example.
Permalink Submitted by Jose Morales on Mon, 2010-10-04 15:34
Are you asking if you can take, say $10,000, and deposit it into an IRA as a rollover before you have even taken $10,000 out of your IRA? This is not allowed.