Q. I’m running close to the 60-day deadline for an IRA rollover. Does the period begin when I requested the payout? G.P., Winter Haven, Fla.
A. No. The clock for the 60-day period begins the day after you receive the funds from the IRA. So you may have a day or two more than you thought to complete the rollover. However, there’s no extra time allowed if the 60th day falls on a holiday or weekend. Unlike most other tax deadlines, the due date isn’t extended to the following business day.
Tip: Failure to meet the rollover requirements could result in a taxable distribution plus a 10% penalty tax if you’re under age 59½.
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