60 day indirect rollover rule
Client received a lump sum distribution from an IRA annuity that was annuitized. Deposited it into a joint account; now understands he could have opened an IRA and treated it as an indirect rollover. It has been 80 days. Is there any option now to put it into an IRA as an indirect rollover? Thank you.
Permalink Submitted by Alan - IRA critic on Tue, 2019-03-26 23:25
Not unless there was some unusual error or situation per RR 2016-47 that allows a self certification form to be completed extending the 60 day deadline for an IRA custodian to accept a rollover contribution. Further, depending on the form of the annuitized contract, some of the single sum distribution might have to be treated as an RMD for that year. Any amount treated as an RMD is not eligible for rollover.