What happens if the rollover is not completed in the 60 day period?

In the absence of a waiver, amounts not rolled over within the 60-day period do not qualify for tax-free rollover treatment. You must treat them as a taxable distribution from either your IRA or your employer’s plan. These amounts are taxable in the year distributed, even if the 60-day period expires in the next year. You may also have to pay a 10% additional tax on early distributions.

Please contact one of our IRA Experts at 800-472-0646 for more information.


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