2 IRA DISTRIBUTIONS –1 ROLLOVER
I HAVE MADE 2 DIFFERENT IRA DISTRIBUTIONS FROM THE SAME IRA ACCOUNT IN THE LAST FIFTY DAYS. I NOW REALIZE THAT I WILL NOT NEED THIS ENTIRE AMOUNT. CAN I ROLLOVER THE FIRST DISTRIBUTION BACK INTO THE SAME ACCOUNT I TOOK IT OUT OF IF I DO IT WITHIN SIXTY DAYS?
Permalink Submitted by Alan Spross on Sun, 2011-03-27 18:32
Yes, you can only roll back one of these because of the one rollover rule in 12 months. Therefore, the max you can roll back is the largest of the two distributions, and of course you can roll back less as long as you beat the 60 day limit. You would then have to wait another 12 months before doing another rollover. The 12 months is measured from the date you took the distribution that you rolled back all or a part.
Of course, you must also have not done another rollover from this account for the 12 months prior or you cannot roll back any of these recent distributions.