Rollover Limit of 1 per year
If a 60-day rollover is done on 7/15/2020, can the next 60-day rollover happen on 7/16/2021, or is one required to wait until 8/1/2021 or later to avoid running afoul of the limit?
The first date is more than a YEAR, the second date is more than 12 MONTHS.
The second date says that a 60-day rollover on ANY day MONTH 7 would require MONTH 8 in the following year to meet the rule.
I’ve seen it described BOTH ways.
Thanks
Permalink Submitted by Ken Wolf on Fri, 2021-01-29 20:54
No comment from submitter.
Permalink Submitted by Alan - IRA critic on Fri, 2021-01-29 22:21
The 12 month period starts on the day you receive the distribution, but the day you rollover it over does not matter for this rule. If you take a distribution on 7/15/2020 that you roll over, you cannot roll over another distribution taken before 7/15/2021. No need to wait until August.