after 60 days
A client took out $60k from an IRA and didn’t get it back w/in the 60 day period. Her accountant is telling her since she’s going to have to pay the taxes anyway, she should just put it into a Roth and treat it as a conversion. Can she do this after the 60 days is up??
Permalink Submitted by Alan - IRA critic on Wed, 2014-05-21 01:18
No, OK to convert it within 60 days but not after 60 days. If there are extenuating circumstances such as major health problems, client could request a PLR from the IRS allowing extension of the 60 day deadline. Filing fee is based on the amount of the rollover.