I have a total of three IRA accounts: IRA Account A101, IRA Account A102, and IRA Account A103. In this specific case, I made withdrawals of $20,000 from IRA Account A101, $30,000 from IRA Account A102, and $40,000 from IRA Account A103.
Initially, I operated under the belief that I had the flexibility to repay all three IRA loans within a 60-day period, which is commonly referred to as a Loan Roll-over. However, when I reached out to my Investment Brokerage Firm for guidance, they informed me about the rules governing IRA loans.
According to these rules, I discovered that I can only repay one IRA loan within a 12-month timeframe. Therefore, considering this limitation, my Investment Brokerage Firm recommended that I prioritize the repayment of Loan A103, which happens to be the largest loan amounting to $40,000.
In order to ensure that I am making the correct decision in accordance with the IRS rules, I would like to obtain a second opinion. Could you confirm whether it is indeed accurate that I can only repay one IRA loan within the designated timeframe?
