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L1: rolloverI have a question regarding rollovers. It’s my understanding if I take a withdrawal from my ira, I can return it to the same IRA within 60 days. My question is if I take multiple withdrawals, say 10000, 20000, 30000 over several weeks, then for reasons I won’t go into here, decide to return it to the fund within 60 days of withdrawal, is it considered three rollovers and therefore not allowed? I want to return it in one lump as 60000. From what I have found on the irs site (although I haven’t searched too hard) the act of withdrawal defines the rollover, not the return. Is there any wiggle room here?I understand that there is a 10 percent penalty on any withdrawals that are not part of SEPP or one of the few other exceptions.2009-12-31 03:01, By: paully, IP: []
L2: rolloverIt is only allowed once per year from my one experience. Careful, once you take it you cannot return the second withdrawal and will have penalty.2009-12-31 06:03, By: marceya1, IP: []