60 day rollover

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L1: 60 day rolloveri’m looking for confirmation of what i think i know.
i took my first annual sepp payment on january 31, 2006. since then a death in the family will generate a significant life insurance payment to me – to be received sometime in april 2006. since i no longer need the sepp money,i’m of the opinion that i can return the january 31, 2006 sepp payment by march 31, 2006 in the form of a 60 day rollover and avoid any related taxes or penalties.
i believe this to be correct. any comments. thanks charlie
2006-03-18 09:24, By: charlie, IP: [63.46.166.193]

L2: 60 day rolloverHello Charlie:
You are essentially correct. You actually have until 4/2/06 as February only had 28 days.
TheBadger
wjstecker@wispertel.net
2006-03-18 09:42, By: TheBadger, IP: [66.109.211.254]

L2: 60 day rolloverYes, this will work, but just remember that you will have used your one rollover permitted for 12 months for this IRA account and the 12 months began on 1/31. So don’t take another distribution until you are sure that there will be no need to again roll it for whatever reason. Direct trustee transfers do not count as a rollover if you otherwise want to change IRA custodians. 2006-03-18 15:18, By: Alan S., IP: [24.116.165.157]

L2: 60 day rolloverthanks for your prompt and sage advise. i didn’t count the days properly and i forgot to mention that i bought thebadger’s book and as a result kept 2/3 of my powder dry so i can use another ira accounts ifi have to beginnew sepp within the next 12 months.
thanks again charlie2006-03-18 16:31, By: charlie, IP: [63.46.166.241]