Beneficiary IRAs (non-spouse) 60-day rule
Can someone confirm what my broker-dealer told me..that the 60-day loan provision is NOT available on beneficiary IRAs? Correct? Their angle is that these IRAs cannot accept contributions, even though it’s under the guise of paying back a withdrawal within 60 days. Just want to make sure…..thanks!
Chris
Permalink Submitted by Alan Spross on Mon, 2009-05-18 21:46
The broker dealer is correct. The 60 day rollover deadline does not apply because any distributions taken are not eligible for rollover at all. Nor can new contributions be made to the IRA account. If a change in IRA custodians is desired, it must be done by direct trustee transfer.