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I was unable to send 401k check to bank for ira within 60 days. Will this be taxed?

 
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2 Replies
DanaB27
Expert Alumni

I was unable to send 401k check to bank for ira within 60 days. Will this be taxed?

Yes, if you didn't deposit the funds within 60 days into the IRA then you made a distribution instead of a rollover and your distribution will be taxable.

 

To enter your Form 1099-R:

 

  1. Click on "Search" on the top right and type “1099-R”  
  2. Click on “Jump to 1099-R”
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dmertz
Level 15

I was unable to send 401k check to bank for ira within 60 days. Will this be taxed?

It depends.  Was the check made out to you or was the check instead made out to the bank (particularly to the IRA at the bank) for your benefit?  If it was made out to you, it's too late to roll over the funds.  If the check was made out to the receiving IRA (or less ideally, to the bank for your benefit), there is no 60-day deadline because the rollover is a direct rollover where you never have control of the funds.

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