60 rollover from SEP IRA
I’m 69.
I am still making contributions to my SEP.
Is there any reason I can’t withdraw $50,000 from the SEP account and then roll over the $50,000 back into the same SEP within 60 days and avoid paying taxes on this rollover?
I’d withdraw the $50k and have $0 taxes withheld.
Basically, it’s borrowing $50,000 for 60 days.
Thank you for your help.
Permalink Submitted by Alan - IRA critic on Fri, 2019-10-25 19:39
You are entitled to do one 60 day rollover for all your IRA accounts combined within a 12 month (not calendar year) period. Therefore, as long as you have not taken a prior distribution that you rolled over within the last 12 months, you could do this. Then you would not be able to do another one for the next 12 months.