IRA Rollback after plan to IRA rollover
In January, completed a rollover from 401k plan into my traditional IRA.
Then in February, did a trustee to trustee wire transfer of all the IRA funds to a new bank.
Withdrew $10k from the traditional IRA last month, June.
Can I “rollback” or put back the $10,000 into the IRA at this time (within 60 days), to avoid paying tax on that distribution this year?
Thank-you!
Permalink Submitted by Alan - IRA critic on Thu, 2017-07-20 19:22
You are permitted one 60 day rollover from IRA to IRA within a 12 month rolling period. TtoT transfers are not rollovers and neither is a distribution from a 401k plan, so you can roll the 10k back. But then you have to wait another 12 months to do another such 60 day rollover.
Permalink Submitted by Phil Harris on Thu, 2017-07-20 20:04
Thank-you!