One per year 60 rollover
If someone where to have an IRA distribution on a specific day of the year (call it 11/01/2022) and complete a 60 rollover, would they be eligible to conduct an additional 60 day rollover if a distribution took place on that exact day the following year (11/01/2023).
See below, language from irs.gov:
Application of one-rollover-per-year limitation. You can make only one rollover from an IRA to another (or the same) IRA in any 1-year period regardless of the number of IRAs you own. The limit will apply by aggregating all of an individual’s IRAs, including SEP and SIMPLE IRAs as well as traditional and Roth IRAs, effectively treating them as one IRA for purposes of the limit. However, trustee-to-trustee transfers between IRAs aren’t limited and rollovers from traditional IRAs to Roth IRAs (conversions) aren’t limited.
Example. John has three traditional IRAs: IRA-1, IRA-2, and IRA-3. John didn’t take any distributions from his IRAs in 2021. On January 1, 2022, John took a distribution from IRA-1 and rolled it over into IRA-2 on the same day. For 2022, John can’t roll over any other 2022 IRA distribution, including a rollover distribution involving IRA-3. This wouldn’t apply to a conversion.
Permalink Submitted by Alan - IRA critic on Thu, 2022-11-03 18:16
The one year period is measured from the date a distribution is received, not when it was distributed. The 1 year period ends on the calendar date one day prior to the one year anniversary of the received date. Therefore, a distribution received on 1/1 would allow for a distribution received on 1/1 of the following year to be rolled over as the one year limation period only runs through 12/31. Note that received dates can be subjective and are often not well documented, and are therefore less definite than the date posted on a check.