Prospect came for the first meeting. Manages the financial affairs of his elderly mom. Earlier in the year she apparently was very ill, he got some off the cuff bad legal advice that her IRA would be a hassle to get distributed among him and his 3 siblings. He decided to take a $400,000 distribution from the IRA and move the proceeds to a TOD account at the bank. Its been more than 60 days. I properly explained to him how a stretch would work for him and his 3 adult siblings. Realizes would have been best to leave in the IRA and his mom’s health has gotten better since the scare earlier this year.

Are there any options here for him to return this money to the IRA and avoid the tax hit of this distribution? Perhaps have it characterized as a Roth Conversion instead? Is it just up to the custodian if they want to help? Or is it a done deal?