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.

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