On February 1, 2018, Tuan withdrew $15,000 from his IRA #1. He deposited the funds back into IRA #1 within 60 days (a"rollover"). Tuan may do one more nontaxable rollover distribution from either IRA #1 or IRA #2 in April 2018.

Question

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According to IRS rules, an individual may only do one nontaxable rollover distribution from any of their IRAs in a 12-month period. Since Tuan already did a rollover from IRA #1 in February 2018, he cannot do another nontaxable rollover from either IRA #1 or IRA #2 in April 2018. If he does so, it will count as a taxable distribution.

On February 1, 2018, Tuan Withdrew $15,000 from His IRA