In Rev Proc 2016-47, the IRS has made it much easier for people seeking a waiver for missing their 60 days required to make an IRA rollover contribution.
Under the Rev Proc, they can fail to miss the 60 day window due to: an error committed by the financial institution either getting or sending the contribution, a misplaced check, deposit into an account that was thought to be an eligible retirement plan, client's principal residence was damaged, a death in the family, a serious illness in the family, incarceration, restrictions imposed by foreign country, postal errors, IRS levy that is returned, or taxpayer made a reasonable effort but the contribution was delayed by the financial institution.
The contributions must be made 30 days after the event above stops occurring.
This is a good place to remind people that if the IRS wishes a client to make a distribution out of an IRA to pay past due taxes, its often better to request the IRS to levy the account so the taxpayer will not need to pay the 10% penalty. Even though the money goes to the same place, an exception only applies to IRS levies on these accounts.
Relevant Citations: Rev Proc 2016-47
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