IRA Rollover
If I take $5K out of my IRA and then take another $5K out of my IRA two weeks later and then write one check for $10K to deposit back into my IRA within 60 days of the first distribution, would this be considered one rollover or two within a 12 month period which is not allowed?
Thank you.
Permalink Submitted by Alan Spross on Thu, 2008-04-10 02:37
It would be two rollovers because there were two separate distributions that were rolled over. The clock also runs based on the date of each distribution with respect to the one rollover rule, not by the date the rollover is completed.