Waiving the 60-Day IRA Rollover Rule


Via the Journal of Accountancy

Generally, amounts rolled over from one IRA account to another IRA account, must be deposited into an eligible account within 60 days, otherwise, it is included in the taxpayer’s gross income and may be subject to the 10% early withdrawal penalty of IRC § 72(t).  However, IRC § 408 and 402 allows a waiver of the 60 day rule under circumstances of “equity or good conscience,” for reasons including casualty, disaster or other events beyond the taxpayer’s reasonable control.

This article in the Journal of Accountancy provides a great summary of information needed to navigate these rules to obtain such a waiver.


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: