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IRS makes getting a waiver of the 60-day rollover deadline easier and cheaper


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IRS makes getting a waiver of the 60-day rollover deadline easier and cheaper
By Natalie Choate
Published: Sept 9, 2016 4:50 p.m. ET

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This article is reprinted by permission from Leimberg Information Services, Inc.

In Revenue Procedure 2016-47, 2016-37 IRB (8/24/16), the IRS has established a “self-certification” procedure, enabling a taxpayer to complete a rollover (despite missing the 60-day deadline) simply by certifying to the administrator of the recipient plan or IRA that the deadline was missed for certain specified reasons. Since the list of available self-certify reasons includes the most popular reason of all (financial institution error), this should make rollover-completion faster, simpler, and cheaper for most of the victims of financial institution mistakes. But it does not solve everybody’s problem—and there’s a risk of abuse.

The IRS has had a major flip-flop—in a way that’s good for taxpayers. If you missed your 60-day rollover deadline, you may well be able to complete the rollover anyway, using the “self-certification” process laid out in Rev. Proc. 2016-47 (effective 8/24/16). Prior to this Rev. Proc., you could get a waiver of the 60-day rollover deadline—but you had to apply to the IRS for it, pay a $10,000 filing fee, and wait a year or more to get an answer. Now (if you fit into certain common “hardship waiver” situations) you can DIY—no filing fee, no wait. (Deadline-missers who do not fit into these facts will have to continue using the slow and expensive PLR procedure to get a waiver.)

Generally, a retirement plan distribution is taxable. But generally a retirement plan distribution is not taxable if the distribution is “rolled over” within 60 days into the same or another retirement plan. Of course there are many rules surrounding tax-free rollovers: Some distributions don’t qualify for it, some recipients are not eligible to roll over distributions, etc. (For complete explanation of the rule



Platinum Bling
Platinum Bling
Apr 1, 2010
I was going to ask how do you miss that deadline, but then again it took Etrade many, many, many weeks to open my sons IRA.