60 Day IRA Rollover
The IRS says “you must complete the rollover by the 60th day [u]following the day [/u]on which you received the distribution.”
Can anyone tell me, in the following example, when the 60th day is?
A distribution was taken from an IRA on 2/7/2008 with the intent of replacing it within the 60 days.
1st: is the 60th day April 6 or April 7?
2nd: If it is April 6, a Sunday, do you still have until Monday, April 7 or is it Friday, April 4?
Thanks.
Permalink Submitted by Alan Spross on Fri, 2008-03-28 18:34
It’s April 7th. However, if the 60th day did fall on a non workday, there would not be an extension for that. The deadline date would then have to be moved to the next earlier business day.