IRA rollover over 60 days
I received a pension payout directly on July 5th I looked as I did not remember the exact date I received the funds so I could roll it into an IRA but it has now been 62 days. What can I do? I miscalculated the date as I was busy getting my daughter ready for college. She had a hard time once she got to school and I lost track of time and the date of the withdrawal. Is there anything I can do to avoid being taxed on the funds. I am only 58.
Terry Says
Oh no, it’s likely that you will be sent a 1099 and will have to pay ordinary income taxes on ALL that money, plus a 10% penalty since you are under age 59.
Where did you deposit that payout check? If it was your bank, maybe it didn’t clear for two days. Call them and immediately ask them to roll that amount into an IRA Rollover in a money market deposit account. Maybe you will skate through!!!
