@mitsuhide wrote:
So I guess you have until October 15th to actually perform the rollover (place funds into an eligible account).
So even if I received the 1099-R on time to file my taxes, if I was due a refund this year (ignoring the 401k distribution for a moment), I could file and note down the distribution, note down the rollover, receive my refund, and not actually have to fund the rollover account until the deadline?
Not legally. If you had timely received the 1099-R prior to filing then it must be part of your tax return or your tax return would not be accurate and complete to the best of your knowledge under penalty of perjury. You would either have to pay the tax with the tax return or fund the rollover so that it could be accurately and truthfully reported. If you paid the tax and later come up with other funds to complete the rollover (before the Oct 15 extended due date) then you could amend for a refund of the taxes paid.
Of course you could just pay any (other) tax due by the July 15 due date and file an extension before July 15 so that you could put off filing until Oct 15. If you knew that you would fund the rollover then the tax paid by July 15 would not need to include the rollover amount.
[Edited 03/24/20 to reflect IRS and state extended due dates]
**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.**
