Distribution - re-contribution

[MGOAdmin]

I know for IRAs, you are only permitted to take distribnution and re-contibute the money within 60 days in order to avoid the taxes once within a 12 month period.

Are there similar rules for 401k? I know i can take a distribution and re-contribute the funds within 60 days, but is there a limit to 1 per year? If so, and you have a 401k and IRA, can you take a distribuiton from each and re-contribute within the same 12 month period?

Also, I know you are permitted to take a distribution from a 401k and roll it into an IRA to avoid taxes, can the same be done with an IRA? Can you take a distrbution, then roll it into the 401k within 60 days to avoid taxes? If this is allowed, then couldn't you take as many distirbuitons from an IRA in any year as long as you roll it into the 401k within 60 days?

Thanks

[GMK]

The purpose of the rule, as I understand it, is to limit you from giving yourself more than one short term loan per year, to use the money as you wish for 60 days and then return it without being taxed.

Multiple direct rollovers (trustee to trustee transfers) are allowed each year, but only one 60-day rollover.

[Appleby]

The 'one rollover per 12 month period' applies only to rollovers between IRAs ( IRA to IRA).