New relief for 60-day rollover
errors
One of the pitfalls of
receiving a distribution from your IRA with the intention of "rolling it
over," or depositing it into another IRA or retirement plan, is the 60-day
rule. Under the rule, you're required to complete the rollover within 60 days
of receiving the distribution. If you miss the deadline, you have to include
the distribution in your income and perhaps pay a penalty. In the past, you
generally had to request a special statement from the IRS to avoid that
outcome. Now the IRS says you may qualify for a waiver if you meet one of
eleven allowable reasons. Contact us for details.
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