Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
Last October I rolled over a portion of my mutual fund IRA and now I want to rollover the rest. Is there a time period I have to wait? I remember hearing somewhere you can only have 1 rollover per year. Is that a calender year or fiscal year? Someone who knows please reply.
Print the post Back To Top
No. of Recommendations: 0
Greetings, Keokiheidi, and welcome. You asked:

<<Last October I rolled over a portion of my mutual fund IRA and now I want to rollover the rest. Is there a time period I have to wait? I remember hearing somewhere you can only have 1 rollover per year. Is that a calender year or fiscal year? Someone who knows please reply. >>

It only affects the money you moved and even then depends on how you did the first rollover. If you had the money transferred between the IRA custodians (i.e., the old IRA trustee sent the money directly to the new trustee), there is no waiting period. OTOH, if you received the money in a check fully cashable by you from the old IRA and then deposited that check into the new IRA, that can be done only once every 12 months. BUT -- That restriction only applies to the money you put into the new IRA, and all it means is you cannot take that same money and put it into a third IRA or back into the first IRA. The money still in the first IRA is not affected. You may roll (that's when you get the check) or transfer (that's when the money flows directly from one custodian to another) whatever funds are left in the old IRA at any time because it wasn't moved during your first transaction, therefore, it is totally unaffected by that transaction.

Regards..Pixy
Print the post Back To Top
Advertisement