60 Day Rollover question
Can an individual take a withdrawal from an IRA and Roth, on the same day, and treat it as one 60 day rollover. This would be from the same custodian and the funds would be returned to the same accounts/custodian.
Can an individual take a withdrawal from an IRA and Roth, on the same day, and treat it as one 60 day rollover. This would be from the same custodian and the funds would be returned to the same accounts/custodian.
Permalink Submitted by Alan - IRA critic on Tue, 2023-05-09 17:52
No. The distributions are coming from different accounts and only one of them can be rolled back. However, the individual could roll the Roth distribution back and convert the IRA distribution to Roth because conversions do not count for purposes of the one rollover rule. Another solution is to roll the IRA distribution into the current employer non IRA plan if that option is available.