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?? Question of the Month: Is It Too Late to Deposit This Check Into My IRA? Q: I retired and asked to do a direct rollover from my former employer's 401(k) plan to my IRA. The check was mailed to my house but made payable to my IRA custodian. I just realized that I didn't deposit that check right away. It's now past the 60 days since I received it. Can I deposit that check now, or is it too late? A: You are in luck! You can deposit that check, even though it is after the 60 days from when you received it. The 60-day rule does not apply to a direct rollover. A direct rollover is when you don't have control of the money. In this case, the check was made payable to your IRA custodian, not you. Therefore, you can deposit that direct rollover check after 60 days. NEW TAX LAW PROVIDES ENDLESS OPPORTUNITIES EVERYTHING YOU NEED TO KNOW ABOUT NEW TAX LAW! JUST ONE MONTH AWAY The American Taxpayer Relief Act of 2012
READ ALL ABOUT THIS IN FEBRUARY'S ISSUE OF ED SLOTT'S IRA ADVISOR NEWSLETTER |
Inside Ed Slott's IRA Advisor Newsletter![]() American Taxpayer Relief Act of 2012
Qualified Charitable Distributions Are Back for 2012 and 2013
2013's New In-Plan Roth Conversion Rules
2013 Retirement Plan Contribution Limits Chart Not a newsletter subscriber? Preview past issues before subscribing. |
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