IRA roll over within 12 months
Can a person do a trustee to trustee transfer in January of 2015, and 6 months later transfer the amount back trustee to trustee to the first trustee. Client was applying for a loan and the bank offered a savings in the interest rate if he had $250k in assets with the bank. He wanted to transfer the $250k to the bank, and within 6 months transfer it back. Since it is the same trustee does this violate the once a year transfer?
Permalink Submitted by Alan - IRA critic on Tue, 2015-11-10 04:34
Rollovers are subject to the limit, but not transfers. A person can do as many direct trustee to trustee transfers as they wish. A related question would be whether the bank could call the loan once the money is transferred out of the bank?