60 Day Rollover
Are you able to take a 60 day rollover out in December of 2020, and get the money deposited back into an IRA in 2021 without tax consequences as long as you satisfy the 60 day rule?
Are you able to take a 60 day rollover out in December of 2020, and get the money deposited back into an IRA in 2021 without tax consequences as long as you satisfy the 60 day rule?
Permalink Submitted by Alan - IRA critic on Wed, 2020-12-23 19:06
Yes, even though the 1099R will be issued for 2020 and the 5498 for 2021, the IRS is used to not having the 5498 available to match up to the 1099R in these cases. Among other reasons, you might do this if you are not sure if you want to convert the distribution or not, and need the 60 days to decide to either convert or return the distribution to the TIRA.