60 Day rollover- Roth IRA
Can you take a Withdrawal from a Roth IRA and put it back into the Same Roth IRA and have that be considered a 60 day rollover? I have see that it needs to be a new IRA, but wasn’t sure if that is actually a hard rule.
Can you take a Withdrawal from a Roth IRA and put it back into the Same Roth IRA and have that be considered a 60 day rollover? I have see that it needs to be a new IRA, but wasn’t sure if that is actually a hard rule.
Permalink Submitted by Alan - IRA critic on Mon, 2022-06-27 15:46
The rollover can either be returned to the same IRA or do a different Roth IRA account. However, such 60 day rollovers between IRA accounts of the same type (TIRA or Roth IRA) can only be done once in a 12 month period, so before taking a distribution with the intent to roll it over, taxpayer needs to check the prior 12 month activity.