60 -Day IRA Rollovers
We know that only one 60-day rollover between IRAs is permitted during a one-year period.
What if a person has multiple IRAs? Can he/she do a 60 day rollover from each IRA or is there a limit of just one for all IRAs combined?
Thanks,
Permalink Submitted by Alan - IRA critic on Wed, 2019-08-07 19:32
The limit is for all IRAs combined. The IRS allowed one per IRA before 2015, but people were creating multiple IRAs and doing serial rollovers to enable a long term IRA loan, which was never intended by the IRS. That is when they clarified that going forward there would only be one 60 day rollover for all IRA accounts combined.