We have several IRAs with funds available next summer, but could really use some of the funds in late spring for major home projects we need to get going on.
I know about 60 day rollovers, having used them a few years back. However, at that time - when the funds were put back into the IRA, we were still younger than 59 1/2. Very straightforward, clear rules.
The scenario I'm wondering about: Say we pull the funds from one IRA next spring when one of us is roughly 59 and 4 months. Is an IRA rollover still allowed if the 60th day is beyond 59 1/2? If so, we could "pay it back" from the other IRA, as those funds would be available at 59 1/2.
And, if such a shell game is allowed - presumably the funds returned via the IRA rollover could be pulled again as soon as they showed up, as you would be past 59 1/2.
I know about 60 day rollovers, having used them a few years back. However, at that time - when the funds were put back into the IRA, we were still younger than 59 1/2. Very straightforward, clear rules.
The scenario I'm wondering about: Say we pull the funds from one IRA next spring when one of us is roughly 59 and 4 months. Is an IRA rollover still allowed if the 60th day is beyond 59 1/2? If so, we could "pay it back" from the other IRA, as those funds would be available at 59 1/2.
And, if such a shell game is allowed - presumably the funds returned via the IRA rollover could be pulled again as soon as they showed up, as you would be past 59 1/2.