multiple withdrawals on a single day eligble for rollover?
Client took cash plus 12 checks, made out to the IRA owner, in a single day from his IRA. Is the total amount withdrawn on that day eligble to be rolled back into an IRA within 60 days or is only one check or the cash eligble to be rolled back in?
Permalink Submitted by Alan Spross on Wed, 2009-11-18 00:51
Sorry, am not aware of the IRS defining a “distribution” for rollover purposes. I would be inclined to believe that a distribution ordered in a single order AND processed on the same date would be rollover eligible regardless of how the distribution is segmented by payee or type of property.