TITLE

Second Chances: Exceptions to the 60-Day Rollover Requirement

AUTHOR(S)
Tacchino, Kenn Beam; Moore, Christina
PUB. DATE
September 2005
SOURCE
Journal of Financial Planning;Sep2005, Vol. 18 Issue 9, p86
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
This article focuses on a ruling issued by the U.S. Internal Revenue Service on the 60-day tax-free rollover requirement for an individual retirement account. When the 60-day requirement is missed, Revenue Procedure 2003-16 clarifies two conditions under which a waiver can be granted. The first condition is an automatic extension; the second occurs when the taxpayer files for a waiver via the private-letter-ruling process. The waiver can be automatic if three specific conditions occur. First, the financial institution must receive the funds before the expiration of the 60-day rollover period. Second, the taxpayer follows all procedures for depositing the funds into an eligible retirement plan within the 60-day period. Third, the funds are not deposited due to error on the part of the financial institution.
ACCESSION #
18184514

 

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