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I feel like your worries should have been nipped way earlier. The 60-day rule only applies to indirect rollovers. Yours was direct… you never had a chance to hold that money for a minute, let alone 60 days. It is normal for 401k’s to send you a check that you have to forward, but if it is written directly to the other institution fbo you, it is exactly the same as if it was electronically transferred, regardless of how long it takes.
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Oct 17, 2021 09:10
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| # ¿ May 21, 2024 11:11 |
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Gazpacho posted:I suspected that and would have said it if I had found it laid out somewhere in IRS guidance for 401(k)s specifically, but I couldn't. Here's a link directly to an IRS guideline: https://www.irs.gov/retirement-plans/verifying-rollover-contributions-to-plans quote:The plan administrator should take reasonable steps to evaluate whether these conditions are met. If the funds are coming directly from the old plan or IRA trustee – for example, via a check made out to the new plan – then there is no 60-day requirement. If the funds were paid to the individual, the plan administrator should ask the individual to certify that the distribution was received not more than 60 days before the date of the rollover. They really just don't want people using it for a short term loan where they actually touch the money.
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Oct 17, 2021 17:43
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