Two distributions (same acct) – Rollover back into acct?
About a week ago I have taken an IRA Distribution (under 59 1/2.. not that that matters)… Considering taking another distribution soon, will I still be able to roll the total amount of both distributions back into the IRA account within 60 days (of the first distribution) and avoid any issues.
I know the first one will be OK.. just not sure if I could take another distribution from that same account and pay it all back within the 60 days.
Thanks in advance for anyone’s time.
Permalink Submitted by Alan Spross on Mon, 2011-09-26 21:14
The second one would not be OK because only one distribution is allowed to be rolled over indirectly for each IRA account. You would have your choice which of the distributions you rolled back, but only one of them could be rolled back or into a different TIRA account for 12 months from the date of the distribution that you rolled back.
Permalink Submitted by John Gaddis on Mon, 2011-09-26 21:29
Thank you, that is what I needed to know.