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Does 12-month rollover limit rule apply to Roths or only to IRAs? Client additionally has several IRAs he wants to coalesce for simplicity sake. Is either penalized?

Greta
Level 9
 
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qbteachmt
Level 15

Here is an article with the details:

https://www.irs.gov/retirement-plans/plan-participant-employee/rollovers-of-retirement-plan-and-ira-...

Your Client can make this as Direct Transfers, not Roll Overs.


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"Level Up" is a gaming function, not a real life function.

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5 Comments 5
qbteachmt
Level 15

Here is an article with the details:

https://www.irs.gov/retirement-plans/plan-participant-employee/rollovers-of-retirement-plan-and-ira-...

Your Client can make this as Direct Transfers, not Roll Overs.


*******************************
"Level Up" is a gaming function, not a real life function.
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TaxMonkey
Level 8

The one indirect rollover per 12 month period applies to both IRA and ROTH IRA.

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dd4vols
Level 10
Level 10
i'm just impressed at the usage of 'coalesce' in this forum...……..
If an answer solves your issue, click on the "Accept as Solution" button! Makes it easier for people to find answers to similar questions that have already been posted.
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IRonMaN
Level 15
Me too, although I'm not really sure how coal mining fits into IRA rollovers.

Slava Ukraini!
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George4Tacks
Level 15
I thought that was amalgamate.

Here's wishing you many Happy Returns
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