The IRS gives you 60 days to rollover an IRA into another IRA or qualified plan. However, there are 11 exceptions where the IRS will waive the 60 day rule and give you additional time to make the Rollover contribution. To qualify for the waiver the IRS must not have previously denied a waiver request with respect to a rollover of all or part of the distribution to which the contribution relates. In addition you must submit written certification to a plan administrator or IRA trustee within 30 days after being able to make the rollover contribution. If you miss the 60 day deadline because of one of the 11 reasons listed below the IRS will issue a waiver and allow you to make the rollover contribution beyond the 60 days.
To qualify you must have missed the 60-day deadline because of your inability to complete a rollover due to one or more of the following 11 reasons:
- An error was committed by the financial institution making the distribution or receiving the contribution.
- The distribution was in the form of a check and the check was misplaced and never cashed.
- The distribution was deposited into and remained in an account that you mistakenly thought was a retirement plan or IRA.
- Your principal residence was severely damaged.
- One of your family members died.
- You or one of my family members was seriously ill.
- You were incarcerated.
- Restrictions were imposed by a foreign country.
- A postal error occurred.
- The distribution was made on account of an IRS levy and the proceeds of the levy
have been returned to you.
- The party making the distribution delayed providing information that the receiving plan or IRA required to complete the rollover despite your reasonable efforts to obtain the information.
If you have any questions regarding IRS exceptions to the 60 day IRA rollover rule please call Gregory J. Spadea of the Law Offices of Spadea & Associates, LLC at 610-521-0604.