Are there any “income” rules for the 60-day rule for IRA rollovers?
I have a client that withdrew money from his IRA. He is retired with SS, pension, limited IRA w/d’s.
This money was a loan to a relative. I am under the impression that if the amount of money (whether partial or in its entirety)is paid back, he can deposit back into his IRA account as long as it’s within the 60-day period. Would that not be considered a “qualified rollover?”