When does the 60 days start?
If person takes distributions pre-59 1/2. Does the 60 days start when they receive the check in hand from the custodian? Or does it start the day the check is cut “dated” by the custodian?
If person takes distributions pre-59 1/2. Does the 60 days start when they receive the check in hand from the custodian? Or does it start the day the check is cut “dated” by the custodian?
Permalink Submitted by Alan - IRA critic on Thu, 2015-04-16 21:58
The 60 days starts when the check is received. Of course, in many cases the person will not have documentation of the received date and a presumption of receipt could be based on the distribution date from the custodian.
Permalink Submitted by Ben Meyer on Fri, 2015-04-17 13:20
If the timeliness of the rollover is challenged by the IRS, the best evidence would be the date printed on the check by the custodian, or the date shown on the statement or confirmation issued by the custodian. If necessary, you could also use the postmark date on the mailing envelope, assuming that a date appears as part of the postmark. Also acceptable, if necessary, and as Alan stated, would be the date the check is received, which could be documented by a signed statement, possibly notarized, by the recipient. The date of receipt is actually the legally significant date, but may be difficult to prove. If the claimed date of receipt is not more than 3 days after the date of mailing, excluding Sunday, that should also be a reasonable assumption. This all assumes that the check was mailed by the custodian, and not handed over in person or sent using Fedex, Express Mail, or something similar.