QPA Blog IRS Eases Rules for Making "Late" 60-Day Rollover Contributions

On August 24, 2016 the IRS released Rev. Proc. 2016-47 providing a new "self-correction" program for taxpayers who miss the 60-day window for rolling over a distribution from an IRA or qualified retirement plan. Prior to this guidance, a taxpayer who was unable to complete a rollover within the required time frame could only qualify for a tax-free rollover after the 60-day period by seeking IRS approval.This new guidance allows plan administrators, IRA custodians and IRA trustees to accept "late" rollover contributions from individuals who certify that they meet the requirements to qualify for a waiver of the 60-day rollover window.