Non “trustee-to-trustee” IRA rollovers
Can multiple non”trustee-to-trustee” rollovers be made each year if the IRA beneficiary deposits the distributed funds within the 60-day period each time?
Can multiple non”trustee-to-trustee” rollovers be made each year if the IRA beneficiary deposits the distributed funds within the 60-day period each time?
Permalink Submitted by Alan Spross on Fri, 2011-08-19 22:37
Only one such indirect rollover is allowed per IRA account within a 12 month time frame measured from the date of distribution. Since the limit is per IRA, for example if you create 8 IRA accounts by direct transfer, then you will have one indirect (60 day) rollover available from each of those 8 accounts.
Since the rollovers are counted by the distribution, note that you could take a single distribution, split it up and roll it over to 3 different IRA accounts. That is OK. But the reverse is a violation, ie taking 3 distributions on different dates and combining them into one IRA account.
The above applies to IRA owners. You mentioned beneficiary in your post, and a non spouse beneficiary cannot do any indirect rollovers between inherited IRAs. Funds can be moved only by direct trustee transfer if the beneficiary is a non spouse beneficiary.