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Late IRA rollovers

If you have a client that misses the 60-day time limit for rolling funds from one IRA to another IRA, there are new relief procedures available from Revenue Procedure 2016-47.  If the client meets one of the exceptions listed in that Revenue Procedure, the client can self-certify to the IRA trustee that they are entitled to relief from the 60-day limit.  As a result, many clients can obtain relief from the rollover time limit without having to request a private letter ruling from the IRS.

The information provided herein is provided with the understanding that the author and publisher are not engaged in rendering legal, accounting or other professional service. As such, M + O = CPE, Inc. and the author disclaim any responsibility or liability for the information supplied herein or the application of said information.