Borrowing from IRA
If a client takes money from his IRA and puts it back before the end of the 60 days period, is there a limit on how many time he can do this in a year?
If a client takes money from his IRA and puts it back before the end of the 60 days period, is there a limit on how many time he can do this in a year?
Permalink Submitted by Alan Spross on Thu, 2012-02-09 17:03
It can only be done ONE TIME within a 12 month rolling period PER IRA ACCOUNT. This includes 60 day rollovers to other IRA accounts and also includes another IRA account that has received a 60 day rollover. The 12 month period is measured from the date of distribution, not the date the funds are rolled over.
Permalink Submitted by Stuart Cameron on Thu, 2012-02-09 17:38
Thanks Alan.