60 Day Rollover

[George18]

In January, I withdrew cash from my Traditional IRA and my Roth IRA (both of the IRA's are with the same custodian, one check) to act as a bridge loan until my house was sold. Now that I have the cash from the sale, I would like to redeposit some of the proceeds to the IRA's using the 60 day rollover rule. 
The IRS rules say that this can be done once every 12 months. Can I send a check to the custodian and have them split the money between the two accounts? Or does that count as two rollovers?
The information I have found on this seems to be vague and contradictory. Can you give a clear picture?
Thanks for your help.

[Cynthiad66]

@George18

You need to discuss this with the account administrators to determine how you want to re-deposit your funds. 

Even though individual retirement account (IRA) money is meant to be held until you retire, borrowing from the account isn't out of the question. In particular, it is possible to make a withdrawal from your Roth IRA and put the funds back without tax consequences or penalties—but only under certain circumstances. If you are considering doing so, make sure to understand and abide by the following rules.

1. You can put funds back into a Roth IRA after you have withdrawn them, but only if you follow very specific rules.
2. These rules include returning the funds within 60 days, which would be considered a rollover.
3. Rollovers are only permitted once per year.

Use this link below for additional information

Can I Re-deposit Withdrawn Funds to IRA/Roth Tax Free?

This link is from IRS:  IRS- Retirement, Rollovers and Distributions

[dmertz · Accepted solution]

Generally, only one of these distributions is eligible for rollover.  Rolling over both of these IRA distributions (one traditional and one Roth) would be a violation of the one-rollover-per-12-months limitation.  Tax consequences are likely minimized by rollover over some or all of the traditional IRA distribution rather than the Roth IRA distribution.

However, you can roll over the Roth IRA distribution and also do a Roth conversion of some or all of the distribution from the traditional IRA.  Roth conversions are disregarded with respect to the one-rollover-per-12-months limitation.  The Roth conversion would be taxable, but it would avoid any early-distribution penalty if you would otherwise be subject to such penalty.  You would also have the long-term benefit that future gains on the amount converted would be tax free once your Roth IRAs are qualified.