IRA rollovers per year
I moved my 401k from a previous employer to a traditional IRA this year (Oct 2017). I would like to open a second IRA and convert it to a Roth IRA. Can I do it in the same year or do I have to wait until next year?
If I hav to wait until next year, can I do it in Jan 2018 or do I need to wait till Nov 2018 (one year after Oct 2017 when I did the rollover)?
Thanks.
Permalink Submitted by Alan - IRA critic on Sun, 2017-10-29 18:37
You do not have to wait. The one rollover limit only applies to IRA to IRA transactions and does not apply to conversions. Therefore, neither one of the above two transactions counts against your one permitted rollover in a 12 month period.