IRA withdrawal
A client did a trustee to trustee transfer 8 months ago. He now wants to take a cash withdrawal from the same IRA with the intention of putting it into another IRA within 60 days. I believe he is OK with this?
A client did a trustee to trustee transfer 8 months ago. He now wants to take a cash withdrawal from the same IRA with the intention of putting it into another IRA within 60 days. I believe he is OK with this?
Permalink Submitted by Alan Spross on Mon, 2012-04-09 16:05
Yes, that is OK since the T to T transfer does not count with respect to the one rollover limitation. Now when he uses that one rollover he will have to be careful for 12 months since he cannot do another one from either the present IRA or the receiving IRA accounts. He could do more direct transfers without limit.