60 day rule
My client needs to withdraw $50,000 from his IRA annuity to close a real estate deal. He plans to return the funds within the 60 day allowed period. Does he have to return the funds to the same custodian or can we open a new IRA or deposit into another existing IRA?
Permalink Submitted by Alan Spross on Tue, 2008-02-12 22:54
Either way. However, he must be aware of the one rollover per 12 month period per IRA account. so hopefully that would not be a problem.