ROTH IRA transfer
Odd but true.
Elderly client wanted to close Roth and send her a check. nervous about market. The day she got the check, she called and wanted it back in. The Roth was closed on my end.
She deposited the $ in the bank in a non ira account.
How long does she have to put the $ back in or does she lose that option when she deposited it in a non IRA bank account?
Thanks
Permalink Submitted by Alan - IRA critic on Fri, 2021-10-15 16:04
If she has not done any other rollover between IRAs in the last 12 months, she has 60 days from the date she received the check to roll it back to a Roth IRA account. I guess she did not understand that she could have sold the stocks in the Roth IRA without actually closing the account or taking any funds out of the Roth IRA. I don’t know if the custodian could re open the same Roth or if she will have to open a new Roth, but since the account was closed, she might think consider moving to a different custodian for the Roth.