indirect transfer from same IRA within 60 days?
I have a client that needs funds for the closing of a house. They want to pull the funds from their IRA to use for the closing of the house. They will subsequently have proceeds from the sale of another home within a few days and would like to put those funds back into the same IRA. Can we do this and it be considered a 60 day rollover?
Permalink Submitted by Alan - IRA critic on Tue, 2018-11-27 16:32
Yes, as long as no other 60 day rollover was done in the prior 12 months. It should also be noted that when the 60 day deadline depends on a real estate closing, the deadline is often missed. Therefore, in this situation the risk is substantially higher that the deadline would be missed.