One rollover per year rule
Sir/Madam,
My understanding is that there is no limit to the number of direct rollovers that a client can initiate from an 403(b) plan to an IRA in a calendar year.
The limitation is in the number of indirect rollovers that a client can initiate between IRAs.
Am I correct on both sentences above?
Thank you in advance.
Permalink Submitted by Alan - IRA critic on Sat, 2012-12-15 23:15
Yes, both statements are correct!
Permalink Submitted by mk foss on Sun, 2012-12-16 21:55
By indirect rollovers, I assume that you mean instances where you receive a check from an IRA and replace it within the 60 day period. I agree that this can only be done once per year.
Permalink Submitted by Christopher Combs on Mon, 2012-12-17 13:41
Yes, thank you for the clarification.