Partial ROTH IRA rollover during 60 days
I am age 51, contributed $10,000 via regular annual contributions to a ROTH IRA over 3 years. Within the last 60days, I took a withdrawal of $10,750. Questions, since the $10,000 is contributions, can I rollover just $750 during the 60 days and negate all taxes and penalties on the $750 of earning or do I have to rollover the entire $10,750 ?
Thanks in advance for your insights?
Permalink Submitted by Alan - IRA critic on Thu, 2017-08-31 23:14
You could roll back the 750, leaving a reported distribution of 10,000 which would be non taxable. But you would have used up your one permitted 60 day rollover for the 12 months starting with the day you received the recent distribution. There is no problem doing partial rollovers.