2711982
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Ask the Experts Multi-State Tax Filing! >> Event happening TOMORROW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

How do I handle a roll over check from 401k I did not deposit


@dmertz wrote:

The IRS relies on custodians and plan administrators to enforce the 60-day rule, otherwise the IRS only detects a violation upon audit of the transaction.  However, it probably relies more on the the honor system with IRA and plan agreements making the individual the one responsible for complying with the tax code.


Doesn't seem to be much enforcement then.

 

I myself have done indirect (60-day) rollovers in the past and the receiving plan custodian has never asked for the date of distribution or even mention 60 days - they just take my word that it is a rollover and deposit it in the new account and issue the 5498.

**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.**

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question