60-day Rollover
December 2024 T-IRA takes a $500k distribution with the intent to repay in 60 days – Now however he is unsure he will be able to repay the funds (in the 60-day window)
Back-up plan – Wife takes a $500k distribution from her IRA – using those funds to repay his distribution (within the 60 days) and she will repay her IRA from the funds that were supposed to be used to pay his IRA.
This seems like it’s okay. Looking for confirmation
Thank you in advance
Permalink Submitted by Alan - IRA critic on Fri, 2025-01-17 10:55
This will work as long as each spouse has a 60 day rollover available and of course would block each of them from doing another 60 day rollover in the 12 months following the current distributions.