@ingrid-kavic wrote:
So the check was issued in 2022 so apparently it'll be for next year's taxes, that's why no 1099-R was sent, per the "live guidance" I paid extra for. It is made out to the financial institution, not my husband, so I'm hopeful you're right and no penalty. Thanks for your reply.
That should be a "direct rollover" and the 1099-R should have a code G in box 7 when it comes. There is no 60 day limit for a code G since you do not have access to the money (the check is not made out to you) - it can only be deposited by the retirement account it is made out to. The only penalty is that you are not getting interest or earnings while you hold the check so deposit it with the retirement account ASAP.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
