I have an Indirect/60-Day Rollover: What should I do? I have an Indirect/60-Day Rollover: What should I do?

I have an Indirect/60-Day Rollover: What should I do?

Jared Jared

Indirect Rollovers, aka "60-Day Rollovers," need to be handled with care and close attention to detail. iTrust Capital, Inc. does not provide legal, investment, or tax advice. We recommend you consult a qualified legal, investment, or tax professional regarding your options. Here you can find some information from the IRS regarding 60-Day Rollovers.:

Things to keep in mind:

  1. Indirect rollovers are usually the result of distributions from qualified employer plans or IRAs. The funds need to be put back into a retirement account within 60 days or a client may be taxed as a distribution. 

  2. Once the client obtains the funds from their previous custodian, they are normally wired to us directly from their bank accounts since they took a distribution.

  3. Clients can only do 1 Indirect Rollover in any given 12-month period, so please discuss this with your tax/financial professional as iTrustCapital does not provide financial/tax advice. 

  4. Inherited accounts generally cannot do 60-Day Rollovers. 

  5. Please indicate you are doing a 60-Day Rollover on your iTrustCapital IRA application. If you already have an account, you will not be able to add a 60-Day Rollover from your dashboard. Please enter your inflow as a "Rollover" when you select "Contribute" from your dashboard, and then email/call us to let us know your rollover is a "60-Day" and needs special attention. Please do not proceed with the 60-Day Rollover until you have heard back from a member of our team.