72t

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L1: 72t
I have 3 IRA’s which I want to combine into one new IRA to take 72t from, but it will take longer than I want to do a custodian transfer on all 3. If I withdraw funds from all 3, put cash in checking and then write check into new IRA for 72t, have I violated
the rule about no more than one 60 day rollover in any IRA by taking funds from 3 and putting them into one. Ive been told that if I rollover all three at same time into new IRA that I’m OK. thanks
2011-08-12 14:55, By: john, IP: [24.177.77.203]

L2: 72t
You are OK even if you do not roll them all into the new IRA at the same time as long as each distribution is rolled within 60 days. But then your rollover for the new (72t) IRA has been used so will not be available again for
12 more months. since the new IRA received one or more rollover contributions.
Of course, your 72t account balance would have to be for a date after all 3 rollover contributions were completed and in the new IRA.

2011-08-12 19:45, By: Alan S., IP: [67.61.144.221]

L3: 72t
Thanks-Let me be sure I’m clear on your answer. I was told that if you did a 60 day r/o from IRA#1intointo IRA#3, you could not do another 60 day roll overinto IRA#3 for 12 months. If I roll funds from IRA#1 into the new IRA#3, does this not preclude
me doing a second 60 day r/o from IRA#2into the new IRA#3? thanks
2011-08-12 20:00, By: john, IP: [24.177.77.203]

L4: 72t
I do not understand how/why it will take ” longer than I want” to do custodian transfers. It should never take more than 1 week.
Is your short time frame because of the decline in interst rates, and wanting to take your first distribution in August ?
You could probably take check distributions and then endorse them and deposit them into the new account, all within a couple of days.
2011-08-12 20:20, By: dlzallestaxes, IP: [96.227.217.194]

L5: 72t
True, it would take about a week if it were ACATS; however, transfers among ins companies can take 1-2 months-can take less time but you never know. My question still is if you do 60 day r/o from 3 IRA’s into one new one at the same time, do you violate
the rule that you cannot r/o funds but once every 12 months into an IRA. thanks
2011-08-12 21:13, By: john, IP: [24.177.77.203]

L6: 72t
There is no violation. The other info you received is incorrect. Here is a link that includes a direct rollover example from IRS Pub 590 explaining what is allowed:
http://www.retirementdictionary.com/definitions/rollovercontribution
Rollover violations are predicted by the distribution. Since you have 3 different IRA accounts and you are allowed one rollover FROM each, you can roll each one into the new IRA. But as indicated earlier, you cannot roll over
an amount within 12 months from the IRA that RECEIVED the other rollovers, ie the new IRA.
Transfers would definitely be preferable, not because what you want to do violates the rollover rules, but because it exhausts your ability to do another rollover OUT of the new IRA for 12 months. Preserving that rollover could
be important in the event you take out too much in error and want to roll it back to save your SEPP plan. If you had already used up that one rollover you could not correct that distribution error. As a result you need to be doubly careful to only take the
exact amount out once your SEPP begins.
2011-08-12 22:57, By: Alan S., IP: [67.61.144.221]

L7: 72t
thanks-referring to the example from the Retirement Dict., it states I can make a 60 day r/0 from IRA-1 into IRA-3 and could make a 60 day r/o from IRA-2 “onto any other traditional IRA’.
CanI take all funds from IRA-1 and IRA-2 at same time and, within 60 days, roll the total amount into IRA-3?Irealize I cannot, as per the rule as stated in your attachment,r/o funds from IRA-2 to IRA-3 if I’m doing itAFTER completing the r/o from IRA-1
to IRA-3,but can I r/o over funds from both IRA’s1&2 into IRA-3 if I do them simutaneously? thanks
2011-08-13 14:07, By: john, IP: [24.177.77.203]

L8: 72t
You can if you wish, but you can also do what you indicated that you cannot do. When you read the IRS example, note that their IRA 3 is the NEW IRA. The new IRA for you would be IRA 4 because you already have 3 IRAs.
Therefore you can roll from each of your current IRAs into your new IRA 4 and they do not have to be done at the same time.
If this is still confusing and you want to relate to the example, pretend that you only have 2 IRAs now, 1 and 2 and that IRA 3 is your new IRA. If you read the example in those terms you will see that you can take distributions
from 1 and 2 at different times and roll them into 3.
There is no limit to the number of rollovers any IRA can receive as long as they come from different IRAs. The violation occurs if you roll OUT more than one distribution per IRA OR if you roll OUT a distribution from the IRA
that received these rollovers.

2011-08-13 16:36, By: Alan S., IP: [67.61.144.221]

L9: 72t
thanks-last sentence summary clarifies issue for me–i tired to print what you wrote but it won’t print-does thi site prohibit printing answers?
2011-08-13 17:26, By: john, IP: [24.177.77.203]

L10: 72t
Sorry, but it is either your computer or your browser.
It prints just fine in IE9, Chrome 14and Firefox6
2011-08-13 17:35, By: Gfw, IP: [24.148.10.164]

L11: 72t
Even if a browser does prevent printing for some reason, it is usually possible to skip the browser’s print function and hit the CTRL-P keys to print whatever is selected on the screen. Failing that, the OP can also do a mouse click-drag over the info that
interests him and paste the text into Notepad for printing and / or saving.
I have this problem with Google maps all the time but the CTRL-P method works while hitting the PRINT button unhinges my printer driver and requires a PC reboot to get the printer working again.
I am running the Opera browser, v11.5 under Windows 7 x64.

2011-08-15 00:36, By: Ed_B, IP: [71.236.183.224]