Multiple 60 day rollovers?
Hi,
I withdrew $300K from my IRA to bridge me through selling and buying a new house. 30 days have passed since I withdrew the $300K. I now have the cash to deposit $200K into the IRA and will have another $100K to deposit in a week or so. i know I am allowed one 60-day rollover per year. If the deposits happen on two different dates would this be considered two IRA 60 day rollovers in a year i.e. a $200K rollover followed by a $100K rollover? Or am I allowed to put the $300K back in the account in multiple deposits or must the $300K deposit all occur on the same date to not violate the rule?
Thanks!
Chris
Permalink Submitted by David Mertz on Wed, 2019-10-02 18:21
The limitation is on the number of *distributions* that are permitted to be rolled over in any 12-month period. If the $300k was a single distribution and you rolled over no other distributions that were made during the one-year period ending on the date of the $300k distribution, you are permitted to roll over the $300k distribution and you can make any number of rollover contributions to complete the rollover of the $300k. It will be only a single distribution that was rolled over.