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On December 6, 2024, I transferred directly in cash $9999 (not stocks) in my Roth IRA from one custodian to another. What are the rules on amounts and/or how often I can transfer more funds. Let's say on December 9, 2024, that I want to transfer another $9999. Will it be allowed? I thought I read somewhere that transfers can only be done once every 12 months but I no longer can find it. I can only find rules that say transfer must occur withing 60 days but this rule doesn't apply to me since I'm doing direct transfers.
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You can do as many direct transactions as you will like. As you noted, the 1 per every 12 months only applies to indirect transfers. -
Thanks L2P. Monday I'll be doing another direct transfer.Comment
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This is where I must be confusing the terms "roll" vs "transfer," which is that which I am doing is a transfer and not a roll. So this chart doesn't apply to me with respect to the once every 12 months.
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Yes, it is confusing. Also, you may have many different Roth accounts with different custodians— In the eyes of the IRS it all counts as one when it comes to the indirect rollover rule.
The key is if you get the $$.
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