The IRS has released four private letter rulings that will grant an extension to the 60-day rollover period. Typically retirement account distributions may be rolled over into another IRA within 60 days. This article discusses some of the facts that brought on these private letter rulings. One of the rulings dealt with a situation involving funds that were not qualified to act as an IRA custodian. The other ruling involve a Trust company that resigned as IRA Trustee. In each of these cases the IRS granted relief under the authority provided by Internal Revenue Code Section 408(d)(3)(1). “The Secretary of the Treasury may waive the 60-day requirement under Sections 408(d)(3)(A) and 408(d)(3)(D) when the failure to waive such requirement would be against equity or good conscience, including casualty, disaster or other events beyond the reasonable control of the individual IRA owner who’s subject to the 60-day rollover requirement.”
See Michael J. Jones, IRS Grants 60-Day Rollover Extensions For Silent Distributions, Wealth Management, April 26, 2016.
