I am helping my 25 year old friend do his 2019 taxes and he got a 1099-R. He tells me that his former employer closed out his 401K and sent him a check unsolicited for the full amount (only about $200) He did not realize using the money would be a taxable event with penalty. Is it too late for him to open a rollover IRA with the amount of the disbursement in order to avoid taxes and penalty? He received the disbursement moree than 60 days ago.
