Recent rulings by the Internal Revenue Service make it easier for individuals who have missed the 60-day tax-free rollover deadline for individual retirement accounts and other tax-advantaged retirement plans to obtain a waiver and successfully complete the rollover.
Generally, there are two conditions under which the IRS may grant a waiver:
- An automatic extension due to error by the financial institution, or
- A request for a waiver based on taxpayer circumstances.
Click here for a set of IRS Q&As which provides the details.