Retirement Plans FAQs relating to Waivers of the 60-Day Rollover Requirement

Retirement Plans FAQs relating to Waivers of the 60-Day Rollover Requirement

These frequently asked questions and answers provide general information and should not be cited as legal authority. Because these answers do not apply to every situation, yours may require additional research.

There are many requirements to make a valid rollover contribution including the 60-day requirement. Assuming other requirements are satisfied, you have 60 days from the date you receive a distribution from an IRA or retirement plan to roll it over to another plan or IRA. If you don’t roll over your payment, it will be taxable (other than qualified Roth distributions and any amounts already taxed) and you may also be subject to additional tax unless you’re eligible for one of the exceptions to the 10% additional tax on early distributions. The IRS may waive the 60-day rollover requirement in certain situations if you missed the deadline because of circumstances beyond your control. These frequently asked questions address when the 60-day rollover requirement may be waived.

 

  1. Can I make a late (after the expiration of the 60-day period) rollover contribution to my retirement plan or IRA?
  2. How do I obtain a waiver of the 60-day rollover requirement?
  3. How do I qualify for an automatic waiver?
  4. How do I apply for a waiver and what is the fee?
  5. Is there an IRS fee for using the self-certification procedure?
  6. How do I self-certify that I qualify for a waiver?
  7. Does the Model Letter constitute a waiver?
  8. Is my bank required to accept a late rollover contribution to an IRA?
  9. I do not satisfy the requirements for self-certification. Can I still submit a private letter ruling request for a waiver?
  10. How does the IRS determine whether to grant a waiver in a private letter ruling?
  11. If my request for a waiver is denied, may I still use the self-certification procedure?
  12. Who is eligible to request a private letter ruling for a waiver of the 60-day rollover requirement?
  13. What information must I submit with my private letter ruling request for a waiver?
  14. How does the IRS process requests for a waiver?
  15. Is a request for a waiver subject to disclosure?
  16. Where do I send the request for a waiver?
  17. What are the primary differences between requesting a ruling for a waiver and using the self- certification procedure?
  18. Where can I find more information regarding rollovers?