The federal government aloof fabricated retirement extenuative a little easier.
If you are clumsy to cycle over a retirement plan or IRA administration into addition retirement plan or IRA aural the 60-day time limit, the Internal Revenue Service will cut you a breach beneath assertive circumstances.
This week, the IRS appear a new action — technically alleged “Revenue Action 2016-47” — that enables acceptable taxpayers to accept a abandonment of the 60-day time limit. Such a abandonment can advice you abstain accessible tax penalties.
The IRS explains:
Normally, an acceptable administration from an IRA or abode retirement plan can alone authorize for tax-free rollover analysis if it is contributed to addition IRA or abode plan by the 60th day afterwards it was received. In best cases, taxpayers who abort to accommodated the time absolute could alone access a abandonment by requesting a clandestine letter cardinal from the IRS.
Now, however, a aborigine who misses the 60-day borderline may authorize for a abandonment if any of 11 affairs administer to the taxpayer. Those affairs are:
The new action additionally includes what the IRS describes as “a sample self-certification letter that a aborigine can use to acquaint the ambassador or trustee of the retirement plan or IRA accepting the rollover that they authorize for the waiver.”
This self-certification letter from the aborigine replaces the ahead appropriate letter cardinal from the IRS.
Watch the video of ‘IRS Grants 11 Exceptions to 60-Day Retirement Rollover Rule’ on MoneyTalksNews.com.
Have you anytime had issues back rolling over a retirement distribution? Share your thoughts beneath or on Facebook.
This commodity was originally appear on MoneyTalksNews.com as ‘IRS Grants 11 Exceptions to 60-Day Retirement Rollover Rule’.
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