Federal Tax Post – 2/20/18

You can roll over funds from one IRA to another tax-free if you complete the rollover within 60 days. What if you miss the deadline? You may owe tax and, if you’re under age 59½, an early withdrawal penalty. The IRS may waive the penalty if circumstances are extenuating. One taxpayer missed the deadline when her financial advisor failed to invest a stated amount into an IRA. In addition, her medical condition impaired her cognitive ability to understand financial statements. She was granted a 60-day extension to complete the rollover. (IRS PLR 201807010)

By | 2018-02-22T10:57:49+00:00 February 20th, 2018|Federal Tax Posts|Comments Off on Federal Tax Post – 2/20/18