Retirement Savings and Benefits
Questions and comments about IRAs, 401k accounts, social security, and other forms of retirement savings and benefits.
Roth IRA rollover
Posted by: wanttoknow, October 23, 2017 09:09PM
Would the following be a violation of the "one IRA rollover per 12 months" rule?

Get 5 distributions from Roth IRA on 5 different days.

Roll over the total of the 5 distributions to another Roth IRA in one lump sum within 60 days of the first distribution.

Re: Roth IRA rollover
Posted by: Alan S., October 24, 2017 03:10AM
Yes, that would be a violation. Rollovers are counted by the number of distributions, which would be 5.

On the other hand, if you took one distribution and rolled it over on 5 different days (within 60 days), that is OK because there was only one distribution that was rolled over.

Re: Roth IRA rollover
Posted by: wanttoknow, October 24, 2017 08:53PM
Thanks, Alan.

I'm just going to take distribution in one lump sum.

The distribution will occur tomorrow (Wednesday), and will show up online in the IRA being distributed on Thursday as effective Wednesday.

The funds may not reach my bank account until Friday or Monday.

Is there any reason I can't use funds from another source to send a check to the new custodian on Wednesday?

Re: Roth IRA rollover
Posted by: Alan S., October 25, 2017 01:52AM
You can complete the rollover with funds from any account, or cash in your mattress for that matter. :)

But then you will not be able to do another 60 day rollover for 12 months from the date you received this distribution from any of your IRA accounts.

Re: Roth IRA rollover
Posted by: wanttoknow, October 25, 2017 09:16PM
Thanks, Alan.



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