USING ROTH MONEY
We are closing very soon on a home purchase and will then put our current mortgage free home on the market after our move. We would like to keep this an all cash purchase, however until our current home sells we are considering a 60 day rollover from my Roth IRA. If more than 60 days is needed, we could consider another 60 day rollover from either my wife’s Roth or her TIRA. Her money is approximately split 50-50 between her two accounts. In this case we would need the money from both of her IRAs. Charles Schwab told me she can only roll from one, not both of her IRAs. This might require a Home Equity Loan or that I make part of my Roth rollover a distribution. My two questions (1) Is Schwab correct on only allowing one IRA rollover for my wife? (2) Our Real Estate Agent referred us to a Loan Agent who of course is eager for our business and is not favorable to our self funded approach to this purchase. So my second question, Is my plan to use Rollover money a bad or unsound decision, or might you steer me in a different direction? Thanks so much in advance for your helpful guidance. CW
Permalink Submitted by Kim Shields on Wed, 2023-11-08 17:49
An individual can do one 60-day rollover per a rolling 12 month period. It doesn’t matter how many accounts are in play.