Yes you have 60 days to deposit it into a new IRA account or back into the old IRA. Do you need to use the money for 45 days for something? That would be like taking a short term loan. It's ok. Be sure you put it into a Traditional IRA. If you put it into a ROTH IRA that is a conversion and will be all taxable now.
At the end of the year you will get a 1099R for it. After you enter the 1099R it will ask what you did with it. You pick I moved the money to another account even if you put it back into the same account. Then that will expand and you pick I rolled over all this money. Then it will expand to enter how much you rolled over.
