Distributions from more than 1 IRA per year
Is a client allowed to take from multiple IRA’s, which will be contributed back within 60 days. (60 day rollover period), or are does rules specify you can only take from one IRA per year.
The accounts in question in regards to a Traditional IRA and a Beneficiary IRA cause the client does not have enough in one IRA for the funds she is requesting.
Permalink Submitted by Alan - IRA critic on Tue, 2018-09-25 23:56
Only one 60 day rollover in a 12 month period is permitted for all owned IRAs, both Roth and traditional combined including a spousal beneficiary inherited IRA. A conversion is not countable with respect to this limit. The question does not apply to a non spouse inherited IRA because there are no 60 day rollovers permitted for non spouse inherited IRA accounts.