60-Day IRA Rollover Rule
Does the 60-day rule factor weekends or no?
Client took IRA money out and would like to roll it back in. Today would be day 62 if weekends are counted, and day 42 if weekends are not counted. Which is it and is this client still able to roll the money back in?
Permalink Submitted by Alan - IRA critic on Mon, 2023-08-14 14:55
All days count including weekends and Holidays. The first day of the 60 day period is the day after the date that the distribution was received by the taxpayer. If the check was sent by US mail the receipt day could be 3 or more days from the distribution date. The last day is the date the custodian receives the rollover contribution. Of course, client is also subject to the one rollover limitation under which only one distribution is allowed to be rolled over to a like kind IRA account in a rolling 12 month period.