Client missed 60 day IRA Rollover Window

[kam]

Working with a couple in their upper 80's who cashed out an ~$100K IRA without understanding tax implications. They were also unaware of the 60 day rollover rule. When I started their taxes, I immediately contacted them/their financial advisor and found out they had reinvested in a non-qualified account at day 70 after withdrawal. I found two options...

[Tom49]

If a client receives rollover funds from an IRA in December of year one and deposits them within 60 days into another IRA in January of year two, is the rollover taxable to the client as year one income? The Taxbook page 13-21, under Rollover 60-day rule seems to indicate it is. I have not found any other discussions on reporting rollovers where...

[Steve Stang]

I have a financial planning client who dropped into my office to review his current investments and upcoming college funding needs. I did not prepare his returns (H&R Block did). The client is age 52 and his wife is 54. They have several IRAs (Roth, traditional) and non-IRA accounts that are all invested in various annuities (variable and fixed...