once per year indirect rollover
If an individual receives distribution of TIRA and ROTH IRA does the once per year indirect rollover rule only allow one of the IRAs to be moved back into another IRA without penalty or can both be put into respective IRAs?
Permalink Submitted by Alan - IRA critic on Tue, 2016-04-26 17:40
The one rollover limit applies to all your IRAs, not separately to each type of IRA. If distributions are taken from both types and 60 days has not yet passed, the Roth distribution can be rolled back to a Roth IRA and the TIRA distribution can be converted to a Roth IRA. Conversions do not count against the one rollover rule. Further, if you do not want to keep the conversion you can recharacterize it back to the TIRA as a work around to the one rollover limitation.