60 day rollover rules
If my client has 3 different IRA brokerage accounts and takes a distribution from each, but deposits the funds within 60 days into a new IRA account, is this considered his one rollover for the 12 month period?
If my client has 3 different IRA brokerage accounts and takes a distribution from each, but deposits the funds within 60 days into a new IRA account, is this considered his one rollover for the 12 month period?
Permalink Submitted by Alan Spross on Tue, 2007-11-20 20:13
Yes, the one rollover will have been used for all 4 accounts, because the limitation includes the account that receives the rollovers. It’s always better to use direct transfer so that the rollover option is left open. If client does this, a new 12 month period starts for each of these accounts.