1 rollover per year | Ed Slott and Company, LLC

1 rollover per year

A lady has received a check from a rollover from her other company and they made the check out to her. Will this be considered a rollover if she puts the check into her checking account and turns around and makes the check out to the investment company for the New IRA account? Another advisor told her she could only put it in one account per year & for her to endorse it over him so he can invest it for her.

Whether she deposits the check or endorses it over to another IRA custodian, it is an indirect rollover, and a taxpayer is only allowed one per 12 month period per IRA account. If this is the only such rollover, there is no current problem, but if she already used up her one rollover, she would now have a taxable distribution to report.

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