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That 60-day rollover period was set by Congress.
Floating rate note whose interest rate is reset at more frequent intervals than the rollover period (e.g. a note whose payments are set quarterly on the basis of the one-year interest rate).
On Oil, once this contract rollover period (6/22) is over, we're going to be long into the July 4th weekend (7/4) but we'll be happy to take a long poke if we get down to $47.50, regardless of when it happens (something else we discussed in detail in yesterday's Webinar).
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In a recent case, Bobrow v. Commissioner, the U.S. tax court in ruled that you can only do one 60-day IRA rollover in a 365-day period—not one 60-day rollover per IRA--so a taxpayer who did this maneuver with two IRAs was assessed penalties.
Premium members get to rollover any unused pages for a period of 12 months.
L. 95 600, § 157(g)(3), (h)(2), inserted provision relating to the applicability of clause (ii) of subparagraph (A) to any amount paid or distributed out of an individual retirement account or annuity to which an amount was contributed which was treated as a rollover contribution by section 402(a)(7) and substituted "1-year period" for "3-year period".
Amounts not rolled over within the 60-day period do not qualify for tax-free rollover treatment and will be taxed as regular income in the current year.
Rollover Minutes: Unused Anytime Mins expire after the 12th billing period.
(This is a special time period. Normally, you have only 60 days to complete an IRA rollover. For more on rollover rules and what happens if you miss a rollover deadline, click here).
The downside SIR: Your real concern should be with those unprincipled annuity salesmen who, upon expiration of the surrender period, convince their clients to do a Section 1035 rollover for some short-term benefit, thereby providing another commission for the salesman and sticking the client with another surrender period.
Starting Jan . 1 2015 you can only make one rollover from an IRA to another IRA in a 12-month period.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com