60 day r/o of 3 into 1 new IRA

Submitted by john turner on Fri, 2011-08-12 15:24

re: rule prohibiting more than one 60 dat r/o into an IRA within 12 months

scenario-I withdraw all funds from each of 3 IRA’s at same time, deposit funds into checking, then write one check into new IRA within 60 days

question-does the fact that, using 60 day r/o, I’m rolling funds from 3 into one new IRA violate the 12 month r/o rule? In looking at this, would there be any difference in applying the rule between depositing funds and writing one check as opposed to endorsing 3 checks over to new custodian?

thanks



Submitted by Alan Spross on Fri, 2011-08-12 19:10

This is not a problem, since each IRA only made one distribution that was rolled over. And it also does not matter if the rollover is completed with one check or with more than one check on different days as long as all funds are rolled over within 60 days. But now you will have a new 12 month waiting period for distributions you might take from the new IRA.

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