17.2 Individual Retirement Arrangements (IRAs): Rollovers
You must complete the rollover by the 60th day following the day on which you receive the distribution. (This 60-day period is extended for the period during which the distribution is in a frozen deposit in a financial institution.) The IRS may waive the 60-day requirement in certain situations, such as in the event of a casualty, disaster, or other event beyond your reasonable control. To obtain a waiver, a request for a ruling must be made including the applicable user fee. Refer to Tax Regs in English to get the Internal Revenue Procedure for requesting a ruling. A written explanation of rollover must be given to you by the issuer making the distribution. For information on distributions which qualify for rollover treatment, refer to Tax Topic 413, Rollovers from Retirement Plans. For information on the Direct Rollover Option, refer to Chapter 1 of Publication 590, Individual Retirement Arrangements (IRAs).
References:
- Publication 17, Your Federal Income Tax
- Tax Topic 413, Rollovers from Retirement Plans
- Publication 590, Individual Retirement Arrangements (IRAs)
Yes, if you are receiving a distribution from a 401(k) that is eligible to roll over into an IRA and you meet all of the qualifications for an IRA distribution for a first-time homebuyer. Your plan administrator is required to notify you before making a distribution from your 401(k) plan whether that distribution is eligible to be rolled over into an IRA. To see if you qualify for a distribution to be used as a first-time homebuyer, refer to Chapter 1 of Publication 590, Individual Retirement Arrangements (IRAs).
References:
- Publication 560, Retirement Plans for Small Business (SEP, Simple, and Qualified Plans)
- Publication 575, Pension and Annuity Income
- Tax Topic 424, 401(k) plans
- Tax Topic 558, Tax on early distributions from retirement plans
- Tax Topic 412, Lump-sum distributions