Indirect Rollover
Question: I initiated an early distribution on 5/14. It didn’t hit my account until 5/18. I want to do a rollover into the same account — will they count from 5/14 or 5/18?
In accepting an indirect rollover like this, what would Vanguard consider as “timely delivery” to meet the 60 day? A postmark? A check received? Or do funds have to have cleared the bank by the deadline?
Permalink Submitted by Alan - IRA critic on Tue, 2021-07-06 20:37
IRS guidelines indicate that you must complete the rollover within 60 days of receipt which would be on 7/17. The rollover contribution is completed on the day Vanguard receives the contribution, eg date check received. If VG were not to accept the rollover, there would be an obvious problem, so if you plan on cutting this real close it would be better to ask VG how they measure. Certainly, they have no way of knowing the date you had constructive receipt of the distribution, but I expect they would accept your word about 5/18, given no mail on Sunday.