60 Day Rollover Exception
Hello,
I have a client that distributed from their IRA, and was planning on reinvesting the funds within the 60 day window. They’ve had a tragedy in their life, and funds will not be avilable until 15-20 days after the 60 day window. Are there ever exceptions to the 60 day rollover rule?
Permalink Submitted by Alan - IRA critic on Tue, 2021-08-10 18:06
Yes, there are a number of reasons that a custodian (and then the IRS) can accept in order to accept a late rollover, so hopefully one of the reasons in Rev Proc 2020-46 (link below) will apply and the custodian understands how this is supposed to work.
Microsoft Word – rp-20-46.docx (benefitslink.com)