Can a 2nd IRA distribution in a year be rolled back in during the 60 days
Never used the 60 day rollover provisions. took a $8,000 distribution in March. And in November took a $20k distribution. Can I roll the $20k back into my IRA within 60 days, and therefore only end up paying tax on the first $8k distribution?
Permalink Submitted by Alan - IRA critic on Mon, 2021-12-13 20:27
You can roll back the 20,000 as long as you did not roll over another distribution in the prior 12 months. The March distribution was not rolled over since you indicated you will owe tax on it, so it does not affect the one rollover limit. If you roll the 20,000 back, that means you cannot do another such rollover in the subsequent 12 months from the date of the November distribution.
Permalink Submitted by Jaime Fukumae on Mon, 2021-12-13 22:38
Thank you Alan