How long do I have to roll over a retirement distribution?

Kathy · #1 (**permalink**) 08-14-2007, 09:51 PM

I recently received a check for my entire retirement distribution that I deposited into my personal account. How much time is given by the IRS in order for me to roll over these funds into a qualified retirement account or an IRA account without incurring any penalties?

TaxGuru · #2 (**permalink**) 08-22-2007, 10:42 AM

"A tax-deferred rollover occurs when a taxayer withdraws cash or other assets from one eligible retirement plan and contributes all or part of it to another eligible retirement plan".

The IRS has specifically granted taxpayer a maximum of 60 days to complete this rollover transactions.

Kathy · #3 (**permalink**) 08-22-2007, 10:45 AM

Thanks for the reply. But, I am wondering can taxpayers obtain additional time to this 60 days maximum time period?Are there exceptions to this rule?