60-Day Rollover Scenario
A client withdraws $100k his IRA, and replaces $90k within the 60 day rollover window. We are still within 60-days, and he wishes to make a 2nd deposit for remaining $10k.
Is this still considered one rollover?
Thanks
A client withdraws $100k his IRA, and replaces $90k within the 60 day rollover window. We are still within 60-days, and he wishes to make a 2nd deposit for remaining $10k.
Is this still considered one rollover?
Thanks
Permalink Submitted by Alan - IRA critic on Mon, 2015-04-20 20:42
Yes. A rollover is counted by the distribution and there was only one distribution. Therefore, rolling the distribution back piecemeal is not a problem. Of course, you are now allowed only one rollover per 12 month period, so the distribution will eliminate other distributions from being rolled over for 12 more months.
Permalink Submitted by Craig Gillen on Mon, 2015-04-20 20:58
Great, thank you for your help.