For indirect rollover, is the wait one year or *more* than one year?
Say I did a 60-day indirect IRA rollover. The distribution (by electronic transfer) was credited to my bank account on May 12, 2021. One year later I want to do another 60-day rollover. Do I run afoul of the once-per-year rule if the second rollover distribution is received on May 12, 2022, or do I need to wait *more* than one year (so May 13, 2022)? Thanks.
Permalink Submitted by Alan - IRA critic on Wed, 2022-01-19 01:41
The 12 month waiting period between IRA rollovers is measured from the date the first distribution was received (5/12/2021) to the date the next distribution to be rolled over is received. Since the 12 months end on 5/11/2022, then 5/12/2022 is the first date you could receive the next distribution to be rolled over. The period is measured by the distribution date, not by the rollover contribution date.