60 Day Rollover Rule Question
I know the IRS is now enforcing the 60 day rollover rule (once per year), but I have a question about that: If someone get a monthly pension distribution and wants to then rollover the amount monthly into his IRA, is he only allowed to do this only once (per the rule) or is he allowed to rollover the amount each month? I’m not sure if the rule only applies if its IRA to IRA. Thank you for your answer.
Permalink Submitted by Alan - IRA critic on Thu, 2015-07-30 18:00
The rollover limitation only applies to IRA to IRA rollovers except conversions. When a non IRA plan is on either end of the transfer, there is no limit on the number of rollovers. All this said, a monthly lifetime pension or payments over a period of 10 years or longer is not an eligible rollover distribution in the first place, so none of these payments can be rolled over to an IRA.