Rollover possibilities for two distributions from two different IRA accounts
Took a distribution from two different IRA accounts after 2/1/20. No distributions were previously taken in the 365 preceding days. I assume only one can be rolled back in, but wondered if there is an ordering requirement on which was has to be rolled over and which one will be taxable?
Permalink Submitted by David Mertz on Fri, 2020-05-15 19:26
Since the rollover deadline for either of these distributions has not yet passed, either distribution can be rolled over to an IRA; there is no ordering requirement. The other can be rolled over to an IRA as well only if it qualifies as a Coronavirus Related Distribution since CRDs are disregarded with respect to the one-per-year IRA rollover limitation. The other transactions disregarded with respect to the one-per-year limitation are a rollover to a qualified retirement plan like a 401(k) or depositing it into a Roth IRA as an indirect conversion contribution (which would still be taxable but would allow growth to be nontaxable once the requirements for qualified Roth IRA distributions are met).