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Outside the Box: How to get a second chance on your 60-day rollover

Most people realize that funds rolled over within 60 days will avoid unwelcome tax consequences.

If someone misses the deadline for a legitimate reason, however, there is wiggle room available because the IRS allows them to self-certify their eligibility for an extension. Let’s take a closer look at the options available to complete a valid rollover after the 60-day period has expired.

Financial institution error

If a financial institution commits an error either making the rollover distribution or receiving the rollover contribution, a self-certification waiver is feasible. For example, in one instance a taxpayer asked a brokerage house to calculate and distribute the money from his IRA to comply with the required minimum distribution (RMD) rules.

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