Multiple IRA Distributions using 60 day rollover
Client needs to take IRA distributions from 2 IRA’s from different Custodians. Can he do this and using the 60 day rollover rule for both of them, or is there a rule that he can only do 60 day rollovers with one Custodian at a time?
Permalink Submitted by mk foss on Tue, 2013-05-14 16:35
The 60 day rollovr is per account per year. If there are 2 separate IRAs even with the same custodian, a withdrawal can be taken from each the same year.
Permalink Submitted by Julie Brangenberg on Tue, 2013-05-14 18:12
Can the two distributions be taken at the same time, and rolled over in 60 days at the same time.
Permalink Submitted by Julie Brangenberg on Tue, 2013-05-14 18:13
Can the distributions be taken at the same time and be rolled back into at the same time (w/i 60 days).
Permalink Submitted by Alan - IRA critic on Tue, 2013-05-14 20:07
Yes. These were different IRA accounts and a rollover is allowed for each of them within any 12 month period. The total distributions can be rolled back to the IRA they came from or both distributions could be rolled into just one of the IRAs or even to a new IRA.