Combine 3 like-titled Rollover IRAs at same custodian
Are there any restrictions on merging/combining 3 like-titled accounts at the same custodian within the same year? I just wanted to confirm that we aren’t going to run afoul of any IRS rules.
Are there any restrictions on merging/combining 3 like-titled accounts at the same custodian within the same year? I just wanted to confirm that we aren’t going to run afoul of any IRS rules.
Permalink Submitted by Alan - IRA critic on Thu, 2023-03-09 16:34
There is no restriction as long as the accounts are combined using direct trustee transfers, and not 60 day rollovers which are limited to just one over 12 months. Further, direct IRA transfers between like kind IRAs are not reported on Form 1099R or on the taxpayer’s 1040 and an unlimited number of these can be done. In this case the funds would transfer via same custodian transfer, but this can also be done between different IRA custodians.