Help is here for employees who miss their retirement rollover windows.
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The Internal Revenue Service is providing a new self-certification procedure designed to help recipients of retirement plan distributions who inadvertently miss the 60-day time limit for properly rolling these amounts into another retirement plan or individual retirement arrangement (IRA).
In Revenue Procedure 2016-47, the IRS explains how eligible taxpayers encountering a variety of mitigating circumstances can qualify for a waiver of the 60-day time limit and avoid possible early distribution taxes. In addition, the revenue procedure includes a sample self-certification letter that a taxpayer can use to notify the administrator or trustee of the retirement plan or IRA receiving the rollover that he or she qualifies for the waiver.