60-day rollover to corporate bank
A client wants to do a 60-day rollover to themselves, and would like the funds direct deposited to his LLC’s bank account. He’ll return the funds within 60 days from the same bank account. This LLC is simply a sole proprietorship and filed under a sched c. Is there any issue that the money is going to his business bank account rather than personal?
Permalink Submitted by Alan - IRA critic on Thu, 2019-02-07 02:11
No problem. It does not matter what he does with the IRA distribution over the 60 day rollover period. As long as the cash is back in client’s IRA within 60 days it can be reported as a non taxable rollover. Only one of these can be done within any 12 month rolling period.
Permalink Submitted by Michael Frontera on Thu, 2019-02-07 02:59
I appreciate your insight, thank you