UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev Thread | Next Thread
Author: ccl Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76418  
Subject: Qualified Rollover to Roth Date: 1/23/1998 10:45 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
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?
Print the post Back To Top
Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1432 of 76418
Subject: Re: Qualified Rollover to Roth Date: 1/23/1998 11:40 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
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

Print the post Back To Top
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev Thread | Next Thread
Advertisement