60 day rollover taken out from one custodian and rolled into three different custodians?
Traditional IRA withdrawal of $30,000.00 July 1, 2023. Check taken in hand to personal bank account. Then personal bank account wires 3 different equal amounts to three different IRA custodians. Two of the three are Traditional IRA custodians, and the third is an self directed IRA llC. Is this allowed without taxes if all three are funded well before the 60 days elapse?
What are the Traditional IRA to self directed llC rollover and transfer rules?
Thank you very much.
Permalink Submitted by Alan - IRA critic on Thu, 2023-06-22 18:38
The rollover limitation applies to the number of distributions, not to the number of rollovers. Since there was only one distribution here, it can be rolled over to as many different accounts and on different dates (within the 60 days) as desired. Therefore, there is no problem here. Note that a self directed IRA is treated no differently than other IRAs for purposes of the rollover rules. Transfers are of course unlimited.