You can roll over funds from one IRA to another tax free as long as you complete the rollover within 60 days. What if you miss the deadline? You may owe tax and an early distribution penalty if you’re under age 59½. The IRS may waive the penalty if there are extenuating circumstances. In a recent private letter ruling, the IRS waived the 60-day requirement after a taxpayer failed to roll over the proceeds received from her IRA due to a serious medical condition that impaired her ability to manage her financial affairs. The taxpayer was granted a 60-day extension from the date the letter was issued to contribute the stated amounts into an IRA or other eligible retirement plan. (PLR 202218028) Call or visit our website for more information! www.mjscpa.com/
