60 day ira rollover rule

The IRS characterizes rollovers and transfers in a number of ways, including 60-day rollovers and trustee-to-trustee transfers. A 60-day rollover from an IRA is simply a process in which an individual receives a distribution from his or her IRA and then contributes (rollover) the distribution into another IRA or qualifying account within 60 days. The individual has complete control over the funds during the 60-day period. Many people can use this opportunity as a 60-day interest-free loan. The entire distribution must be rolled over within 60 days to avoid a tax and penalty trap.

In this Retirement Education Tuesday Tip video we will explain the mechanics of a 60-day rollover.
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[mitchgasbarro]

very good video - will likely use this for clients!

[griffic]

Great video! Thanks for sharing. I just recently did a direct rollover (trustee to trustee) from my former company's pension into a traditional IRA. I had originally wanted to put it in a Roth IRA but to avoid the taxes I placed it in a traditional IRA. Under this rule I can now do a indirect-rollover 60 day rule and put the money in my Roth IRA. Awesome!

[pchow]

Very good video. Thank you sir. Could I take out funds from an IRA to fund an HSA using this 60 days rule for the once a lifetime tax free funding?

[msn-hneb]

Can I use the money for whatever I want during those 60 days? Even to day trade stocks? As long as I return the funds into an IRA within 60 days?

[squests]

Does it have to be another IRA or can it be put back into the same IRA? And can you tell your bank not to hold the 10% tax?

[mberrynunez]

Great presentation, very informative. I am 65 and in 2023 I withdrew $7, 500 from my IRA with 20% withholding. In 2024, please let me know if I can withdraw $7, 500 with zero withholding (or 10% if required) and re-deposit $7, 500 before April 15th as contributions for 2023, to avoid the tax liability for last year. I'm curious about which year the repayment can be applied to.

[nanng]

Do you know if it works only for the self contributed part or the Roth backdoor conversion part as well?

[brookeray]

If someone does a hardship withdrawal from a 401k, can they deposit into an IRA within the 60 days to count as an indirect rollover?