Questions and Answers
Is the 60 days for IRA rollovers calculated from the date of the check or the post mark of the check received by the owner?
The 60-day period begins the day after the IRA owner receives the assets. An IRA owner is responsible for determining his/her receipt date. Whether he/she can exercise control of the distributed assets is a major factor is making this determination.
The IRS may waive the 60-day requirement where the failure to do so would be against equity or good conscience, such as in the event of a casualty, disaster, or other event beyond the IRA owner’s reasonable control. IRS Revenue Procedure 2003-16 provides guidance related to waivers of the 60-day rollover rule.
(Posted: 02/27/2008)
