60-day IRA Rollover
T-IRA owner in 2015 made 2 indirect IRA rollovers – although one was for a much larger amount.
I understand one of the rollovers is invalid due to the IRS new “once per year” rule.
Question(s)
Can the client choose which (i.e. smaller rollover amount) to be the invalid rollover?
What’s the process to unwind the rollover? The assets are currently in an rollover IRA
How is this reported to the IRS?
When is the distribution reported as income? Year of invalid rollover (2015) or year of distribution (2016)?
Thank you
Permalink Submitted by Alan - IRA critic on Tue, 2016-04-12 20:17