Two Part 60 day rollover
If a client withdraws $10,000 from his IRA today, and another $5,000 a week from now, can he roll the entire $15,000 back in as long as it happens within 60 days of the date of the $10,000 withdrawal?
If a client withdraws $10,000 from his IRA today, and another $5,000 a week from now, can he roll the entire $15,000 back in as long as it happens within 60 days of the date of the $10,000 withdrawal?
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Permalink Submitted by David Mertz on Tue, 2017-02-28 20:32
No. At most, only one of these distributions is permitted to be rolled over.
Permalink Submitted by Alan - IRA critic on Tue, 2017-02-28 23:24
He could salvage the distribution that could not be rolled back by converting it to a Roth IRA within 60 days, then recharacterizing the conversion by the extended due date if he wanted the money back in the TIRA. The other distribution could be rolled back to the TIRA within 60 days..