60 Day Rollover Question
Hello,
I don’t think this is an option but I wanted to get a second opinion. Can I client with an IRA BDA take a distribution (they need cash) and then return the funds within a few weeks as a “60 Day Rollover”?
Thank you.
Hello,
I don’t think this is an option but I wanted to get a second opinion. Can I client with an IRA BDA take a distribution (they need cash) and then return the funds within a few weeks as a “60 Day Rollover”?
Thank you.
Permalink Submitted by Alan - IRA critic on Wed, 2024-05-22 14:36
You are correct. A non spouse beneficiary can never do a 60 day rollover. A non reportable direct transfer can be done to another custodian, but that does not provide them with a temporary source of funding.