60-Day Rollovers: Just One per Year per Customer, Please

Need a little cash from your In­dividual Retirement Account (IRA)? Just a short-term need with the intent to replace the funds without triggering a taxable distribution? That’s of­ten referred to as a 60-day rollover – draw the funds to meet the short-term need, then return the money to the IRA within 60 days, and there are no tax consequences. For many years it was widely believed that one 60-day rollover was allowed from each IRA that a tax­payer maintained.  The U.S. Tax Court (see Bo­brow v.

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