We have a client who will be applying to the IRS for a letter ruling relating to the exception to the 60 day rollover rule. We don't believe she qualifies under the automatic exception.

As of today, the assets are not in an IRA account. We are wondering if we should put the assets into the IRA now, or leave them where they are until we get an answer from the IRS.

This is not addressed in Revenue Procedure 2003-16.

Consider …if the individual has not yet received the PLR from the IRS permitting the rollover, how will this affect the rollover certification that the individual signs, given that the certification language in effect have the individual attesting to the fact that the assets are rollover eligible? (don’t want to be signing a certification that is false.)

It would appear then that the amount should not be deposited until after the approval has been issued
Of course, it the request is denied by the IRS, then the amount would be an ineligible rollover, subject to correction VIA the IRA excess contribution rules…