Once a year-60 day roll over clarification
Hi Everyone,
If someone does a 60 day roll over and say gets 100,000 from an IRA and then redeposits the money within 60 days BUT into two IRAs 50k each, does this violate the once a year rule since its going into two IRA accounts?
Permalink Submitted by Alan - IRA critic on Thu, 2017-09-21 15:49
No. The one rollover limit applies to the number of distributions, not to the number of IRAs receiving the rollover contribution. As long as the 100k was distributed as a single distribution, that 100k could be split into as many different IRAs accounts as needed. Conversely, someone could NOT take a 50k distribution and another 50k distributon on a different day and roll them into the same IRA account. Only one of those distributions could be rolled over.