The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: IRA Withdrawal & Rollover||Date: 2/1/2001 4:21 PM|
|Author: confused43||Number: 45331 of 122561|
New question & concern. The search for the above answer possibly revealed that the IRS permits only one rollover per account per one year period beginning on date of first withdrawal.
Now does that mean if securities withdrawn at different dates during the year and then rolled over (within the 60 days) only the first withdrawal is eligible for rollover treatment?
I saw a similar question on another board and I had to go look. I am looking to do move from one IRA account to another within one year of the last move. Don't ask why please. It deals with being a fool not a FOOL.
Went to the IRS site and looked up PUB 590. Page 14 on describes a the direct rollover can be done more than once every year. The individual does not receive a distribution but the organizations transfer your money. NO TAX event, no 60 day or 1 year limit the way I read the regulation. Check it out for yourself since I am not a tax professional.
|Copyright 1996-2015 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|