Rollover

L1: RolloverDear 72t,
After taking a direct distribution from an IRA, am I correct that I can split the subsequent rollover transactionsless than 60 days, into as many new IRA”s as wanted. Also, isit permissible for these rollovers to not occuron the same date.
Thanks2006-06-01 10:28, By: car-tows, IP: [71.254.85.206]

L2: RolloverYes, this can be done as long as you take only one distribution from the first IRA, then deposit parts of it into separate IRA accounts on different days. For every one of these accounts you have used up your one rollover per 12 month period. However, if you were to have several trustee transfers done from the first IRA, you would not have used up any rollovers because the transfers do not count as rollovers.
The above also applies if the initial IRA is part of a SEPP plan. You have not busted the SEPP because you have not added new funds or taken non SEPP distributions from any of the accounts. But you have complicated your SEPP administration somewhat and probably increased chances of an inadvertant bust.
2006-06-01 13:05, By: Alan S., IP: [24.116.165.157]