60 day rollover date begins when?
Client closed out his IRA on October 19, 2015. Checks were sent to his home but never cashed. Today is Dec. 23, 2015. Does the 60 day start when he cashes the check, his receipt of the funds or does it start on the check date Oct 15? Any relief for this client?
Permalink Submitted by Alan - IRA critic on Wed, 2015-12-23 20:51
It starts on the date he received the check at his home. If he did not open the envelop or was on vacation at the time, the check would be deemed received when it arrived in his mailbox. And that date might have to be determined based on evidence of when the institution mailed the check plus perhaps 3 business days to deliver to his mailbox. 10/19 was a Monday, so he probably received the check by 10/22, plus 60 days = 12/21. If he delivers his rollover check today to the distributing custodian, they may or may not accept it but a new custodian will likely only ask him if he is within the 60 day window from the distribution receipt or not. He probably has missed the deadline, but he may be able to generate evidence of some sort that he did not miss it.