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#2229213 - 01/16/20 05:28 PM Direct Rollver After 60 Days?
burkemi Offline
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We have a customer with a Direct Rollover from a qualified plan. The check, of course, is payable to Bank FBO Customer. This check was issued in September and 60 is long since past. Can we still accept the check since he never actually had access to the funds? If we do accept it, are we required to effective date the deposit as of September 2019?

I've tried to look through the IRS publications but can't find anything that really answers this question. Any help is greatly appreciated!
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#2229214 - 01/16/20 05:30 PM Re: Direct Rollver After 60 Days? burkemi
rlcarey Online
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rlcarey
Joined: Jul 2001
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Galveston, TX
Where has it been?
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#2229215 - 01/16/20 05:32 PM Re: Direct Rollver After 60 Days? burkemi
rlcarey Online
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rlcarey
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Galveston, TX
https://www.irs.gov/retirement-plans/verifying-rollover-contributions-to-plans

If the funds are coming directly from the old plan or IRA trustee – for example, via a check made out to the new plan – then there is no 60-day requirement.
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#2229223 - 01/16/20 06:22 PM Re: Direct Rollver After 60 Days? rlcarey
burkemi Offline
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Posts: 549
Originally Posted by rlcarey
Where has it been?


Other than in his dresser drawer... no idea. He just hasn't presented the check to us. Thank you for the site reference.
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