Indirect Rollover to Joint Bank Account
Hello-
When doing an indirect rollover from a Roth IRA to another Roth IRA, can the money be withdrawn to a joint bank account and then moved from that joint bank account to the Roth IRA? Or does it need to be a bank account in the name of the Roth IRA owner only?
Thank you!
Permalink Submitted by Alan - IRA critic on Mon, 2020-08-24 19:49
Yes, an indirect rollover can still be done regardless of the title of non IRA accounts that the funds pass through. All that matters is that the funds are re deposited within 60 days to a propertly titled IRA owned by the same person that owned the distributing IRA. For example, a taxpayer could take a distribution and give it to their uncle, then simply come up with other funds to complete the rollover back to an IRA of their own.