A new revenue procedure makes obtaining relief from the
individual retirement account (IRA) 60-day rollover rules
simpler.
Rev. Proc. 2016-47 provides relief for taxpayers who have
trouble complying with IRA 60-day rollover rules for reasons
specified in the revenue procedure. While the law has long
permitted the IRS to waive the 60-day timing requirement for events
beyond the taxpayer's reasonable control, this procedure makes
obtaining that relief much easier when the problem is due to one of
the causes listed.
Sections 402(c)(3) and 408(d)(3) require that any amount
distributed to a taxpayer from a qualified retirement plan or IRA
that is rolled over to another eligible retirement plan or IRA must
be rolled over no later than the 60th day following the date of
receipt. (The same rule applies to 403(b) plan distributions.) If
the rollover isn't made within this time frame, the taxpayer
must include the distribution in his or her gross income regardless
of
