60 day rollover
Can someone tell me if two 60 day rollovers are completed 2 days apart, can you pick which one will be allowed by the IRS?
Can someone tell me if two 60 day rollovers are completed 2 days apart, can you pick which one will be allowed by the IRS?
Permalink Submitted by Alan - IRA critic on Fri, 2019-07-19 19:33
If there was only ONE distribution, then you can split the rollover contributions on different dates. However, if there was two distributions that have not yet been rolled over and are within the 60 day time limit, you can choose which distribution to roll over. The one that you cannot roll over could be converted to a Roth IRA, which eliminates the penalty and preserves your IRA money in a higher quality IRA type. You will still owe the ordinary tax that you would have owed anyway due to not being able to roll it back to a TIRA. If these distributions were Roth or one of them were Roth, you can use a variation of these choices.
Permalink Submitted by Len Nassi on Sat, 2019-07-20 12:49
Thank you for answering my question. ONE distribution was made to two different IRA accounts. I was not sure if the IRS would allow that. I appreciate your help.