60 day rollover question

[bball]

Hi everyone,

PGY1 here, long time listener first time poster. I recently rolled contributions from previous employer (OPERS, <$10k pre-tax) into a Fidelity Rollover IRA which I was then planning to convert to a Roth vs rollover to my hospital's 403b. I completed transfer to Fidelity w/in 60 days of receiving check from OPERS but now that 60 days has elapsed since that initial OPERS refund, is it too late to now convert that $ inside Fidelity Rollover IRA to a Roth? ie will I be subject to an early withdrawal penalty if I were to now roll that money into a Roth or my residency's 403b? Am I subject to the early withdrawal fee regardless since I didn't convert w/in 60 days? Thank you in advance.

[GasFIRE]

Once it’s in your IRA you can do whatever you want, leave it there, convert to Roth, rollover into current employers plan, etc. The 60 day limit applies to an indirect rollover where you take possession of the funds from your former employer and then deposit it into your own IRA. The restriction doesn’t apply to direct rollovers. Good plan to convert to Roth in the low-income residency years.

[jfoxcpacfp]

I second GF’s comments. The 60-day window can also be used for distributions from an IRA that are recontributed back to the account (won’t go into why, but this can be useful in certain situations). This is allowed only once per year.