1. Home
  2. Taxes General Forum
  3. Roth Conversion As A 60-Day Rollover?

Roth Conversion As A 60-Day Rollover?

For some accounting reasons I would like to do the following, if possible:

1) Make a monthly withdrawal from an existing traditional IRA (I am over age 59 1/2). 2) Within 60 days, deposit the money in a Roth IRA and designate it as a Roth conversion.

Assume that I will find a way to pay the taxes on the withdrawn/converted amount in a timely fashion.

Is it permissible to (a) do a coversion as a 60-day rollover and (b) do multiple conversions during the year, so long as the same dollars are converted only one time each?

As a related question, is there any limitation on what you can do with funds involved in a 60-day rollover during those 60 days, as long as you get them to where they're going within 60 days?

Reply to
Roger Fitzsimmons
Loading thread data ...

According to Roger Fitzsimmons snipped-for-privacy@redtopbg.com:

The IRS says you can make as many rollovers from traditional to Roth IRAs as you want, so long as the distribution from the traditional is not an RMD or excess contribution. It's an exception to the one per year rule that applies to other rollovers.

formatting link

Not that I am aware of. The main thing to be aware of is that if you roll the full amount, you'll have to pay the taxes from other funds, but I see you've considered that.

Reply to
John Levine

It looks like you can only do one rollover per year from any given IRA. See

formatting link

Reply to
Tom Russ

It looks like you can usually only do one rollover per year from any given IRA. Although it also appears that a conversion to Roth is an exception. See

formatting link
[Update to an earlier post when I hadn't read quite far enough down the link.]

Reply to
Tom Russ

So it appears that if it's a IRA withdrawal, I can opt out of witholding, but not if it's from a qualfied plan.

My high-level plan for taxes is that I will be receiving a pension starting next year and I will probably have most of the pension withheld as taxes, and if necessary I'll top this up with estimated tax payments.

Reply to
Roger Fitzsimmons

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.