Once per year IRA rollover
I assume that I may make one IRA Rollover per year from my IRAs and that my wife can also make one IRA Rollover per year from her IRAs, even if we file a joint income tax return, is that correct? If so, that would give us a little more flexibility as far as access to funds on a short term basis is concerned (60 days or less) if we don’t want to permanently withdraw the funds from either our Traditional or Roth IRAs.
Thank you.
Permalink Submitted by Alan - IRA critic on Thu, 2018-12-13 15:54
You are correct. IRAs are individual accounts and each individual is allowed one rollover distribution within a 12 month period. The 12 months is measured from the date of distribution. A given distribution can be rolled over at different times (within 60 days) to different accounts. Roth conversions do not count with respect to the one rollover limit.