60 Day Rollover Rule
Can someone tell me if the once per year part of the 60 day rule is per person or per account? I have a client who is running into cash flow issues from buying and trying to sell a house. He has a SAR/SEP and a Roth IRA and may need to tap one if his house doesn’t sell quickly. The thought was that he could tap the other to repay the first to buy 60 more days but in my limited research it’s looking like “once per year” is per person?
Permalink Submitted by David Mertz on Fri, 2019-06-21 18:44
The limit is per individual across all of the individual’s IRAs, including Roth IRAs. The scheme being proposed is exactly the scheme that caused the IRS implementation of the limitation to be tightened from per account to per individual effective January 1, 2015. https://www.irs.gov/pub/irs-drop/a-14-15.pdf
Permalink Submitted by Julie Brangenberg on Mon, 2019-06-24 15:17
Thank you for the info.