60 day rollover rule and paying back with multiple checks
Someone take out 50k from their IRA. Can they pay back for example 40k a month later and 10k 50 days later and that doesn’t violate the one rollover per 365 days rule. Or does it have to be paid back in one payment within 60 days?
Thanks
Permalink Submitted by Alan - IRA critic on Wed, 2021-10-20 17:33
The 50,000 or any portion of it must be rolled over within 60 days of receipt, but this can be done with multiple partial rollovers to the same or different IRAs. All of this only counts as one rollover because there was only one distribution that is being rolled over.