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Subject:
IRA Rollover Waiver
Category: Business and Money > Accounting Asked by: lina2-ga List Price: $5.00 |
Posted:
27 Apr 2005 12:12 PDT
Expires: 27 May 2005 12:12 PDT Question ID: 515000 |
I need to apply to the IRS for a waiver of the rollover period (which is normally 60 days from the date of distribution) so that I can replace the money without incurring either a tax liability or a penalty. (This is a traditional IRA.) I understand tax code sections 408(d)(3)(I) and 402(c)(3)both provide a waiver provision. What do I have to do to get this WAIVER? P.S. I am visually impaired so it takes a lot of time to wade through text. |
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There is no answer at this time. |
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Subject:
Re: IRA Rollover Waiver
From: ssmithfl-ga on 28 Apr 2005 12:55 PDT |
http://www.irs.gov/faqs/faq-kw155.html "You must complete the rollover by the 60th day following the day on which you receive the distribution. (This 60-day period is extended for the period during which the distribution is in a frozen deposit in a financial institution). The IRS may waive the 60 day requirement where failure to do so would be against equity or good conscience, such as in the event of a casualty, disaster, or other event beyond your reasonable control. To obtain the waiver in most cases, a request for a letter ruling must be made. A user fee of $95.00 will apply see Revenue Procedure 2005-8 (within IRS Bulletin 2005-1) ." |
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