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If I have rolled over funds from IRA-1 to IRA-2 on 11/11/97, do I have to wait until 11/11/98 to roll over funds from IRA-2 to a Roth IRA without incurring any penalty?
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Greetings, CCL, and welcome.

<<If I have rolled over funds from IRA-1 to IRA-2 on 11/11/97, do I have to wait until 11/11/98 to roll over funds from IRA-2 to a Roth IRA without incurring any penalty?>>

No you don't as long as you arrange for a custodian-to-custodian transfer of the funds. The only time you have to wait a full 12 months is when you get the funds and then deposit the money in a new IRA within the 60-day window. When it flows directly from the old to the new custodian, there is no time limit. Just ask whoever you're selecting for the Roth and they can help you through the process. Ensure you tell them you want to arrange a direct transfer of the old IRA.

Regards.....Pixy
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