How much time do I get before I have to rollover my retirement distribution?

mongrel · #1 (**permalink**) 03-01-2008, 01:00 PM

I took a distribution from my pension plan and used it for an emergency personal situation.

Now, that I have the necessary funds available to repay the loan, I just wanted to know how much time I have to rollover the funds so that I may avoid any possible 10% early penalty for the distribution. Thanks!

TaxGuru · #2 (**permalink**) 03-01-2008, 05:42 PM

You have 60 days from the day you obtained a distribution of your pension funds to rollover these funds into another qualified pension fund or an IRA.

Or else, not only will you be subjected to a 10% penalty but the entire distribution will be subjected to taxation at your ordinary rate.

mongrel · #3 (**permalink**) 03-02-2008, 09:41 PM

Thanks a lot..!