Yes, if you receive the check and deposit those funds in the IRA and make up the amount withheld for taxes then you should be fine. You will be loaning the govt the withheld amount with no interest until you receive your tax refund next year. But yes, you will be whole (except for the interest you could have earned on the withheld funds). Your IRA will be intact with all the funds allowed it. You will not be assessed taxes or a penalty.
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