Permalink Submitted by Alan - IRA critic on Tue, 2020-03-24 18:14
What do you mean by a rollover? A conversion is a rollover, but are unlimited in number. Conversely, a rollover from one Roth IRA to another Roth IRA counts as the ONE permitted 60 day rollover in a 12 month period for all IRA to IRA rollovers. Roth IRA to Roth IRA movement should be done by non reportable direct transfers as these are unlimited in number. If the one rollover limit is breached, the distribution cannot be rolled over and will be subject to tax and penalty, although for a Roth IRA, a large portion of the distribution will be tax free since taxes have already been paid on contributions.
Permalink Submitted by Alan - IRA critic on Tue, 2020-03-24 18:14
What do you mean by a rollover? A conversion is a rollover, but are unlimited in number. Conversely, a rollover from one Roth IRA to another Roth IRA counts as the ONE permitted 60 day rollover in a 12 month period for all IRA to IRA rollovers. Roth IRA to Roth IRA movement should be done by non reportable direct transfers as these are unlimited in number. If the one rollover limit is breached, the distribution cannot be rolled over and will be subject to tax and penalty, although for a Roth IRA, a large portion of the distribution will be tax free since taxes have already been paid on contributions.