60 day rollover into year turn 70 and 1/2
Am I permitted to do a 60 day rollover from year 2010 distribution when I was 70 into an ira for year 2011 when I am 70 and 1/2?
Am I permitted to do a 60 day rollover from year 2010 distribution when I was 70 into an ira for year 2011 when I am 70 and 1/2?
Permalink Submitted by Alan Spross on Fri, 2011-01-14 23:49
Assuming that you are not yet 70.5 on 12/31/2010, you can roll over a 2010 distribution even if the 60 days to complete the rollover takes you into 2011.
If you turn 70.5 in 2011, the first distribution you take that year is applied to your 2011 RMD and you cannot roll over amounts up to your RMD. But once your 2011 RMD is satisfied you can roll additional distributions over within 60 days. Remember that there is a one rollover limit per 12 month period per IRA account. Also, you can transfer funds directly between IRA accounts and these direct transfers are not applied to your RMD.