How do I apply for a waiver of the 60-day period?
If you do not qualify for an automatic waiver, you can apply to the IRS for a waiver of the 60-day rollover requirement. To apply for a waiver, you must submit a request for a letter ruling under the appropriate IRS revenue procedure. This revenue procedure is generally published in the first Internal Revenue Bulletin of the year. You must also pay a user fee with the application.
In determining whether to grant a waiver, the IRS will consider all relevant facts and circumstances, including:
- Whether errors were made by the financial institution,
- Whether you were unable to complete the rollover due to death, disability, hospitalization, incarceration, or postal error,
- Whether you used the amount distributed, and
- How much time has passed since the date of the distribution.
Please contact one of our IRA Experts at 800-472-0646 for more information.