IRA Rollback after plan to IRA rollover
In January, completed a rollover from 401k plan into my traditional IRA.
Then in February, did a trustee to trustee wire transfer of all the IRA funds to a new bank.
Withdrew $10k from the traditional IRA last month, June.
Can I “rollback” or put back the $10,000 into the IRA at this time (within 60 days), to avoid paying tax on that distribution this year?
Thank-you!
Permalink Submitted by Alan - IRA critic on Thu, 2017-07-20 19:22
You are permitted one 60 day rollover from IRA to IRA within a 12 month rolling period. TtoT transfers are not rollovers and neither is a distribution from a 401k plan, so you can roll the 10k back. But then you have to wait another 12 months to do another such 60 day rollover.