60 Day Rule & Indirect IRA for Household

Submitted by Tony Yang on Tue, 2023-11-28 17:49

Hello IRA Community,

Can I ask how best to record 1099-R on tax return when indirect distribution with intention to redeposit in 60 days occurs in 12/2023 and 60 days falls on 02/2024?

In addition, my understanding is 60 days rollover is based on individual not household. For example, both the husband and wife can initiate their own 60 days rollover. So two separate IRA distributions?

Thank you community!



Submitted by Alan - IRA critic on Tue, 2023-11-28 18:02

  • Report the rollover on your 2023 1040 in the same manner as if the rollover had been completed in 2023. You can even file your 2023 return before the rollover is completed, but if the deadline is missed you will have to amend your 2023 return.
  • Yes, each spouse can do their own permitted 60 day rollover, but remember that there is only one 60 day rollover allowed for each spouse within a 12 month period.

Submitted by Tony Yang on Tue, 2023-11-28 18:07

Thank you Alan, Very informative. 

Submitted by Tony Yang on Tue, 2023-11-28 18:38

Alan, May I ask a follow up question. If the client did an indirect rollover from her IRA to her 401k, does this count as the one-time per year 60-day rollover? I believe this is one of the exceptions. Just want to confirm. Thank you! 

Submitted by David Mertz on Tue, 2023-11-28 20:24

Rollovers from an IRA to a 401(k) are not involved in the one-per-12-months rollover limitation.  The limitation only applies to IRA-to-IRA rollovers.

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