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Personal Finance (Not Investing) • Disaster: Once Per 12 Month IRA Rollover Rule

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I think I might have violated the once per 12 month rollover rule and the tax bill may be very large.

I was trying to close out my Roth IRA and move to a different custodian. I made two distributions 5 months apart. The first distribution was rolled (indirect) to new custodian. The 2nd distribution is in my checking account.

I considered rolling to roth solo 401k, but then learned that roth IRAs cannot be rolled to roth 401k.

I thought IRS Revenue Procedure 2016-47 might apply, but then learned it only provides exceptions to the 60 day rule, not the once per 12 month rule.

I have tried to get the old custodian to reverse the transaction but with no success thus far.

I didn't like the customer service at the prior custodian and wanted to move to a new custodian. But my lake of awareness regarding the once per 12 month rule potentially make an innoculous decision about customer service cost 10s of thousands.

Statistics: Posted by skierincolorado — Sat Jun 22, 2024 1:27 am



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