past 60 days on IRA roll over
last year, I rolled over from my IRA and put the money back in. While filing taxes, I realized that the duration between the cash reaching my account and getting deposited back into IRA account was 63 days. It was not easy to find out the date when it was deposited back into the IRA account.
As I understand, the rollover is taxable, is that correct?
Permalink Submitted by Alan - IRA critic on Fri, 2017-07-14 23:40
Maybe not. Measure the 60 days from the date you received the distribution to the date the custodian received your rollover money, which may be earlier than the date it shows deposited in your account. If you mailed the rollover check to them, assume they received the money in two business days if you mailed to an address in your state, 3 days if out of state. If still over 60 days, you may qualify for an exception. See IRS Rev Procedure 2016-47 which includes a list of justified exceptions.