Recently had to open a Roth IRA with my bank to insure my Roth 401k from my employer went to the right place. They sent it to my checking. what should I do?

[kyleheidemann25]

I recently quit my job and had to insure the Roth 401k funds go to the right place. It somehow went to my checking instead of Roth IRA. I'm unsure what to do in order not to get penalized.

[VolvoGirl · Accepted solution]

When did it happen?  If you got the deposit in the last 60 days you can just move or transfer  it to the ROTH IRA  account.   If it's been longer than 60 it might be considered a distribution.  I'll page @dmertz to confirm

[kyleheidemann25]

This happened this month. I contacted my bank and they just told me to memo a transfer stating it's a rollover. But I'm worried that I'm going to have to pay penalties since it touched my checking account.

[VolvoGirl]

No that should be ok.  You have 60 days to roll it over.