In general, ignoring 2020 exceptions for COVID-19 (IRS Notice 2020-23 et al), if we take a distribution from an IRA (and other conditions are met), we have 60 days to roll over that amount into the same or another IRA.
What if the 60th day occurs on a weekend?
Specifically, suppose the distribution is taken on Apr 1 of some year. May 31 is 60 days later. So ostensibly, May 31 is the last day on which we can complete the rollover. Right?
But if May 31 is a Sunday?
Is the 60-day window extended to the next business day (Mon, June 1)?
Or is it truncated to the closest previous business day (Fri, May 29)?
So for 2020, I hope the reports that the IRS extended the 60-day window to July 15 are correct.
I know that has been said by many. But I cannot find justification in the language of the CARES Act or IRS Notice 2020-23 et al.
Self-described "IRA expert" Ed Slott claimed that Notice 2020-23 ``"indirectly" [sic] included an extension of the 60-day rollover rule``, according to a web article at
On the contrary, Notice 2020-23 explicitly refers to (26 CFR) 301.7508A-1(c)(1)(iv)?(vi) [sic]. That does not include 301.7508A-1(c)(1)(iii), the subparagraph that covers ``making a rollover under [... 26 USC] 408(d)(3)``. 26 USC 408(d)(3)(A)(i) specifies the 60-day rule.
I'd appreciate any direct quotes of language that "indirectly" [sic] or explicitly applies to the extension of the 60-day rule per se.
Note: This might not be a hard-sell. In a comment that I posted here on Apr 20, I made reference to 26 CFR 301.7508A-1(c)(1)(iii) myself, as if to suggest that I thought then that Notice 2020-23 covered that subparagraph. I'm just struggling to re-confirm that now.
My understanding is as follows:
Affected taxpayers are defined in Notice 2020-23, III.A as any "person (as defined in section 7701(a)(1) of the Code) with a Federal tax payment obligation [...] or a Federal tax return or other form filing obligation..."
Section III.C states "Affected Taxpayers also have until July 15, 2020, to perform all Specified Time Sensitive Actions, that are due to be performed on or after April 1, 2020, and before July 15, 2020." This would include IRA contributions and rollovers as relevant to the tax payment or filing obligation.
The sentence you refer to in Section III.A ("The Secretary of the Treasury has also determined that any person performing a time-sensitive action listed in either § 301.7508A-1(c)(1)(iv) ? (vi) of the Procedure and Administration Regulations or Revenue Procedure 2018-58, 2018-50 IRB 990 (December 10, 2018), which is due to be performed on or after April 1, 2020, and before July 15, 2020 (Specified Time-Sensitive Action), is an Affected Taxpayer.") extends the definition of Affected Taxpayer to those who have deadlines with the Tax Court or who are seeking credits/refunds. Note seeking a credit or refund is independent of the payment and filing obligation.
FWIW, that's my interpretation.
Ira Smilovitz, EA
Not necessarily, IMHO.
I suspect that your interpretation is indeed what Ed Slott means by "indirectly" [sic] applying to the 60-day deadline ("unbeknownst to most" [sic]; do tell !). And it is only his interpretation that I find repeatedly referred to in online articles about the alleged extension of the 60-day deadline.
But Notice 2020-23 also states in section II: ``The relief provided [...] in this notice [...] is __limited_to__ the relief __explicitly_provided__ in these notices and __does_not_apply__ [to ...] any other time-sensitive act``.
As you noted, section III.C uses the term ``all __Specified__ Time-Sensitive Actions``. We might ask: specified where?
That is followed by: ``This relief includes the time for filing all petitions with the Tax Court, or for review of a decision rendered by the Tax Court, filing a claim for credit or refund of any tax, and bringing suit upon a claim for credit or refund of any tax``.
I believe that is the list of __specified__ time-sensitive actions, __explicitly__ and exclusively provided per section II.
Arguably, one might interpret the word "includes" to mean "includes, but is not limited to".
But the word "including" can also be ``a word of limitation``, according to Black's Law. That is, the opposite of "excluding". The interpretation depends on context.
I am worried that the IRS intends the latter meaning, considering the context of the phrases "explicitly provided", "does not apply [to ...] any other time-sensitive actions", and "specified time-sensitive actions".
I hope I'm wrong.
But obviously, only an __IRS__ interpretation or explicit extension of the 60-day deadline will be dispositive.
Thanks for sharing your thoughts. They are helpful.
You and JoeU2004 have lost me. To me, Notice 2020-23 is explicitly
clear. It expands the list of affected taxpayers in Notice 2020-18 by
adding certain time sensitive acts. For our purposes, the Notice says
those acts can be found in the table of Revenue Procedure 2018-58. That
table includes the 60 day rollover rule for retirement accounts. Two
paragraphs later in Notice 2020-23, it tells us the relief for those
affected taxpayers. That relief is an extension to July 15th if the
time sensitive act falls between April 1, 2020 and July 14, 2020.
What is not clear about this? One paragraph identifies who is affected
and one paragraph expands the period for the rollover to be performed.