If you read the Bobrow case you mentioned above, you will see that the taxpayer took a distribution from IRA account 1 and re-deposited the funds back into account 1 within 60 days. The taxpayer also took a distribution from IRA account 2 and re-deposited the funds back into account 2 within 60 days. The IRS did not claim that re-depositing back into the same account was invalid. And the court asserted that the re-deposit back to the same account within 60 days satisfied the provisions of 408(d)(3)(A) for a nontaxable rollover contribution.Nah, this is addressing a different issue -- multiple rollovers into multiple IRAs prior to 2015 -- as the IRS above announcements make clear, with the Tax Court’s decision in Bobrow v TC, which applied an aggregation rule that basically limited indirect rollovers to one per year, as is now the case. Aside from the Internal Revenue Code and IRS publications, common sense tells me that taking a distribution from Smith IRA and placing the amount of that distribution back into Smith IRA is not really a rollover. If I had confidence myself in your view, I'd be taking real advantage of the free short term 60 day borrowing portal. I'd love to be definitively corrected!https://www.irs.gov/retirement-plans/pl ... %20control.Please post the United States Code citation or the Public Law reference. As a retired lawyer, I’d like to review the entire statutory reference and language. The snippet you just posted is hardly dispositive of this issue. I stand corrected when the law plainly says what you think it says. Or if the IRS has issued regulatory guidance that supports your interpretation. “An” does not necessarily include the “same,”.The law:Do you have an IRS reference for this view? Upthread the IRS reference citation when you go to the link has the following statement about the 60 day indirect rollover:(i)the entire amount received (including money and any other property) is paid into an individual retirement account or individual retirement annuity (other than an endowment contract) for the benefit of such individual not later than the 60th day after the day on which he receives the payment or distribution; or
Please find this text on the same page. Note the underlined text.CheersIRA one-rollover-per-year rule
You generally cannot make more than one rollover from the same IRA within a 1-year period. You also cannot make a rollover during this 1-year period from the IRA to which the distribution was rolled over.
Beginning after January 1, 2015, you can 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 (Announcement 2014-15 and Announcement 2014-32). The limit will apply by aggregating all of an individual’s IRAs, including SEP and SIMPLE IRAs as well as traditional and Roth IRAs, effectively treating them as one IRA for purposes of the limit.![:beer]( "beer")
Statistics: Posted by MarkNYC — Wed Sep 11, 2024 10:38 pm — Replies 41 — Views 3783