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  • 1.  BOI and Roth IRA

    Posted 11-04-2024 10:38 AM
    Hello Everyone

    I hope everyone survived another tax season and another one is approaching

    I have 2 questions.

    1 I have a client who wants to borrow money from his Roth IRA and then return it within 60 day.
    Is that allowed, or can that only be done with a traditional IRA.  The client is retired and has no
    earned income

    2 If I  want to file BOI's for my clients, and  not use any special group(SnapBOI, for example) how  do
    I register,  Is it on the BOI website or at ID.Me ?
    Thanks

    James Greebel


  • 2.  RE: BOI and Roth IRA

    Platinum Most Valuable Member
    Posted 11-05-2024 08:01 AM
    1. yes, a Roth distribution can be returns within the 60 day window.
    2. you can file it on the FINCEN website.  I do believe that it required an ID.ME account.

    Steve



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    Stephen Mankowski
    MANKOWSKI ASSOCIATES, CPA, LLC
    steve@mankowski.cpa
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    Original Message


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The opinions expressed are the views of the author alone and should not be attributed to any other individual or entity and shall not constitute an accounting opinion.