IRS Simplifies Process for Waiver of 60-Day IRA Rollover Period

Revenue Procedure 2016-47 allows taxpayers to file form with IRA custodian

Waiver of the 60-day period for making a rollover to an individual retirement account has just gotten easier.  The Internal Revenue Service has issued Revenue Procedure 2016-47, which allows many to obtain the relief, while bypassing the costly route of obtaining a private letter ruling – as well as the delay.

The new method for obtaining relief is to provide a form to the IRA custodian.  The form contains a list of 11 common reasons for missing the 60-day deadline, plus a self-certification statement.

The statement can be reviewed on audit, but it can also be used during an audit to save an IRA.

More details about the new procedure will be provided in future articles.

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