How long do I have to roll over a retirement distribution?
You must complete the rollover by the 60th day following the day on which you receive the distribution. (This 60-day period is extended for the period during which the distribution is in a frozen deposit in a financial institution). The IRS may waive the 60 day requirement where failure to do so would be against equity or good conscience, such as in the event of a casualty, disaster, or other event beyond your reasonable control. To obtain the waiver in most cases, a request for a letter ruling must be made which include the applicable user fee. Refer to Internal Revenue Bulletin 2006-01 to get the Internal Revenue Procedure for requesting a letter ruling. A written explanation of rollover must be given to you by the issuer making the distribution. For information on distributions which qualify for rollover treatment, refer to Tax Topic 413, Rollovers from Retirement Plans. For information on the Direct Rollover Option, refer to Chapter 1 of Publication 590, Individual Retirement Arran
You must complete the rollover by the 60th day following the day on which you receive the distribution. (This 60-day period is extended for the period during which the distribution is in a frozen deposit in a financial institution.) The issuer making the distribution must give you a written explanation of the rollover. Return to index . . .
• You must complete the rollover by the 60th day following the day on which you receive the distribution. (This 60-day period is extended for the period during which the distribution is in a frozen deposit in a financial institution). • A written explanation of rollover must be given to you by the plan making the distribution. • The IRS may waive the 60 day requirement where failure to do so would be against equity or good conscience, such as in the event of a casualty, disaster, or other event beyond your reasonable control. • To obtain the waiver in most cases, a request for a letter ruling must be made which include the applicable user fee. Refer to the first Internal Revenue Bulletin of each year to get the Internal Revenue Procedure for requesting a letter ruling.
You must complete the rollover by the 60th day following the day on which you receive the distribution. (This 60-day period is extended for the period during which the distribution is in a frozen deposit in a financial institution). The IRS may waive the 60 day requirement where failure to do so would be against equity or good conscience, such as in the event of a casualty, disaster, or other event beyond your reasonable control.
The IRS allows 60 days to complete a rollover after the distribution is received, though exceptions can be made in certain circumstances. To avoid paying a mandatory 20% tax, have the distribution rolled over directly into a new plan or financial institution by your employer. Keep in mind, also, that distributions cannot be rolled over into a Roth IRA, though you can make a tax-free rollover into a traditional IRA. Also, once the rollover is made, it’s irrevocable.
