5.5 Pensions and Annuities: Rollovers
How long do I have to roll over a retirement distribution?
You must complete the rollover by the 60th day following the day on which
you receive the distribution. (This 60-day period is extended for the period
during which the distribution is in a frozen deposit in a financial institution).
The IRS may waive the 60 day requirement where failure to do so would be against
equity or good conscience, such as in the event of a casualty, disaster, or
other event beyond your reasonable control. To obtain the waiver in most cases,
A request for a letter ruling must be made. A user fee of $90.00 will apply see Revenue Procedure
2003-16 (within IRS Bulletin 2003-4) . A written explanation of rollover
must be given to you by the issuer making the distribution. For information
on distributions which qualify for rollover treatment, refer to Tax Topic 413 , Rollovers
from Retirement Plans . For information on the Direct Rollover Option,
refer to Chapter 1 of Publication 590 , Individual Retirement
Arrangements (IRA's).
References:
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