60 day “loan”
L1: 60 day “loan”Can you take a 60 day “loan” by doing a rollover from an ira and redepositing it back in the same account before 60 days if you are already taking a yearly distibution from a 72t?2009-04-06 13:05, By: twin portage, IP: [22.214.171.124]
L2: 60 day “loan”You can do only one rollover per IRA account within a 12 month rolling period. Therefore, if you have not already used up this rollover, you can take a distribution and roll it back within 60 days. Doing this means that you have forfeited your chance to do another rollover for 12 months, and keeping your rollover open provides you with a safety margin for correcting a distribution that exceeds your 72t amount for the year.
A 72t distribution itself is not eligible for rollover. However, for purposes of this rule, a disallowed rollover is only one that reduces the required distribution for the year below the exact amount required by your plan.
In summary, you can do it, but you are narrowing your options for the next 12 months.2009-04-08 03:57, By: Alan S., IP: [126.96.36.199]