Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 08-14-2007, 08:51 PM
Junior Member
 
Join Date: Jan 2007
Posts: 9
How long do I have to roll over a retirement distribution?

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?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 08-22-2007, 09:42 AM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,417
Blog Entries: 3
How long does a taxpayer have in order to roll over a retirement distribution?

"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.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #3 (permalink)  
Old 08-22-2007, 09:45 AM
Junior Member
 
Join Date: Jan 2007
Posts: 9
Can Taxpayers obtain waivers or extensions of the 60-day rollover period?

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?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.