Counting the 60 days for a 60-day Rollover
A client took an IRA distribution and is now interested in doing a 60-day rollover. If the distribution was via a wire transfer that hit the client’s receiving bank account on October 1st, does October 1st count as the first day of the 60 days, or would October 2nd be the first of the 60 days? Stated another way, would the 60-day period end on November 29th or November 30th?
Permalink Submitted by Alan - IRA critic on Wed, 2021-11-24 14:03
The first counted day is 10/2. The last day of the 60 day period is 11/30, by which the rollover contribution must be received by the IRA custodian. Custodians vary considerably with respect to how much effort is expended in monitoring the 60 day limit. The IRS depends on the custodians because the IRS does not receive reports of distribution or rollover dates.