60 IRA distribution
Client want to take money out of his IRA.
Is the 60 day rule, work days or calendar days?
When does the window start. Date it is distributed or the date that client deposits in his account.
Thanks
Client want to take money out of his IRA.
Is the 60 day rule, work days or calendar days?
When does the window start. Date it is distributed or the date that client deposits in his account.
Thanks
Permalink Submitted by Alan - IRA critic on Fri, 2021-10-22 00:02
The 60 day rollover deadline is measured in calendar days. The clock starts when the client receives the distribution (which is not clearly documented in some cases), and ends when the receiving custodian receives the rollover contribution. In special situations, the 60 days can be extended through a certification process per IRS Rev Procedure 2020-46 linked below:
Microsoft Word – rp-20-46.docx (benefitslink.com)
Permalink Submitted by Geoffrey Kasher on Fri, 2021-10-22 01:55
Thanks as always..