60 day rollover

Submitted by Robert Roselli on Fri, 2020-10-30 12:16

Let’s say I take an IRA distribution on Monday, November 2nd. I have 60 days to put it back. January 2nd 2021 comes and goes and I don’t put the money back. Is it a tax event for 2020 or 2021?



Submitted by David Mertz on Fri, 2020-10-30 13:09

  • Whether it’s rolled over or not, it’s reportable on the tax return for the year in which the distribution occurred, 2020 in this case.  Rolling it over by the 60th day following the date of the distribution just removes it from *taxable* income on that tax return.
  • If it’s a disaster or Coronavirus-Related Distribution and you choose the option to include the distribution in income over three years, the corresponding Form 8915 for the year of the distribution and, if the distribution is not rolled over, Forms 8915 for the following two years will also need to be filed.

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