60 Day Rollover ????
Client is over 591/2 and withdrew $10,000 from her IRA. She is returning $8,500 within 60 days.
Will a partial return disqualify the 60 day rollover rule??
Or, will she simply be taxed for $1,500
Thanks!
Client is over 591/2 and withdrew $10,000 from her IRA. She is returning $8,500 within 60 days.
Will a partial return disqualify the 60 day rollover rule??
Or, will she simply be taxed for $1,500
Thanks!
Permalink Submitted by Alan - IRA critic on Wed, 2025-06-11 09:53
Partial is OK, and she will be taxed on 1500.
However, now she cannot roll over a future distribution taken in the 12 month period following the current distribution that is partially being rolled over. Therefore, better warn her about this.