When an IRA 60-day rollover goes awry

01/19/2010 | Journal of Accountancy

The Internal Revenue Service has discretion to waive the 60-day limit for rolling over an IRA early distribution into another qualified retirement account if the taxpayer intended to complete a timely rollover but was prevented by a financial institution's error or the taxpayer's casualty, disability, hospitalization or other specified extenuating cause. An analysis of IRS private letter rulings outlines taxpayer requests both successful and unsuccessful.

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