The IRS unveiled a new procedure Wednesday to help people who accidentally miss the 60-day time limit for rolling over their retirement plan distributions into another qualified retirement plan or IRA.
Eligible taxpayers can now qualify for a waiver of the 60-day time limit and avoid possible taxes and penalties on early distributions, if they meet certain requirements. The revenue service also provided a sample of a letter that taxpayers can use to prove to the retirement plans receiving the rollover that they qualify for the waiver.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access