On 4/24/2015 1:13 PM, dadiOH wrote:
DerbyDad03 wrote:
On Thursday, April 23, 2015 at 4:44:58 PM UTC-4, dadiOH wrote:
DerbyDad03 wrote:

To be clear, instead of "replaced within 60 calendars days" I should
have said "deposited into a qualified retirement account held by the
same individual within 60 calendars days".

Since the 60 day rule was put into place to facilitate rollovers,
there is no stipulation that the funds must go back into the same
account they were withdrawn from, they just need to go back into a
qualified retirement account owned by the same individual.

I'm guessing that a Roth IRA doesn't qualify as a "qualified
retirement
account"?


A Roth is a qualified retirement account. If I said something that
made you think otherwise, I apologize.

What made you ask that question?

The business about being able to transfer from one qualified account to
another.

If one can transfer a regular IRA, funded with pre-tax dollars which are
taxable when withdrawn or distributed, to a Roth IRA, which is funded with
post-tax dollars which are NOT taxed when distributed or withdrawn, it seems
to me there is a loop hole. IME, the IRS really frowns on loop holes but if
this exists, I want in on it


If you remove money from a traditional IRA and move it to a Roth IRA you
have to do a "conversion". Essentially the conversion allows you to
move money into a ROTH in excess of amounts normally allowed per year
however the amount converted adds to your yearly income and you pay
taxes on that money and perhaps at a higher rate if the amount puts you
in a higher tax bracket.

http://www.rothira.com/roth-ira-conversion-rules