60 day rollover question
I have a client that rolled over his qualified plan to a traditional IRA, but I am confused if that is considered a rollover or a transfer since it was done from custodian to custodian. He then took a distribution from the IRA and intends to place the funds within the 60 day period. How do I classify the contribution is it a rollover or a transfer? Thank you
Lewis
Permalink Submitted by Al Fry on Thu, 2008-06-05 16:35
If it went directly into IRA (not to owner) it is a “direct rollover”, and not part of the 60 day rollover rules.
Permalink Submitted by Denise Appleby on Thu, 2008-06-05 21:34
You may find the Q&A here helpful http://www.retirementdictionary.com/faq-rollover-12-month-rule.htm