Have a Tax Question? Ask a Tax Expert
Walter, this is Rick. What is the bank telling you is the reason you cannot satisfy the 60 days rollover in two installments (75+15)?
Do you exercise a 60 day rollover on any other IRAs? The rules apply to all IRAs in the aggregate (one rollover per year for all IRAs).
Hi Walter, I apologize we keep missing each other. For this question we both need to be online at the same time so I can understand the bank's position. Is there a good time for us to connect? If not, please explain the technical reason, if you know it, that the bank is saying that your 60 day rollover is disqualified because you paid in two installments instead of one. -Rick
I'm sorry we keep missing each other. I'm going to opt out to give another expert an opportunity to respond.
I am a different expert. The first chose to open your question back to the list.
Beginning in 2015, you can now make only one rollover from an IRA to another (or the same) IRA in any 12-month period, regardless of the number of IRAs you own.
Before 2015, the one-per-year limit applies only on an IRA-by-IRA basis (that is, only to rollovers involving the same IRAs).
This is the rule that prevents you from counting that later $15k as a rollover.
It is unfortunate but the amount cannot count as a rollover.
I sincerely ***** ***** could tell you differently.