Exception to penalty for failure to timely rollover IRA

To avoid penalties and taxes, liquidated IRAs must be rolled over within 60 days. In a recent Private Revenue Ruling, the IRS waived the 60-day period where the failure to meet the deadline was due to an error by the taxpayer’s financial planner. While this ruling is technically limited to this taxpayer, it does provide some guidance on the circumstances under which the 60 day period may be waived.

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Lydia J. Alford

Lydia J. Alford

Alford & Alford is a father-daughter law partnership of William C. “Neil” Alford and Lydia J Alford. Over his 43 years of experience, Neil has handled simple and complex, residential and commercial real estate matters. Lydia’s 26 years of experience gives her the ability to offer well-rounded pragmatic solutions to varied civil legal issues.
Lydia J. Alford
Lydia J. Alford

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