Any COVID extension for 60-day rollovers?

We set up a 401lk for a clientbwhonwanted go fund it later. He received his rollover funds on June 20th. MhHe did not roll over the funds in the new plan for 70-80days later in September. Is he stuck paying taxes or is there some kind of COVID relief? Ty.



The 60 day rollover deadline applies for June distributions unless client qualifies for a CRD (100k max) of if the 60 day time limit can be extended under Rev Proc 2016-47 for certain qualifying reasons. If client is eligible for a CRD, the distribution can be repaid for up to 3 years from 6/20/2020.  Are you sure the new account is a 401k (solo K ?) and what is the distributing account type?



Yes, both are 401k solo plans.  What is CRD?



Corona virus related distribution.  Taxpayer must qualify for this based on meeting a requirement for being impacted by Covid.



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