A tax-deferred rollover occurs when you withdraw cash or other assets from one eligible retirement plan and contribute all or part of it within 60 days to another eligible retirement plan.
The Internal Revenue Service (IRS) does have the authority to waive the 60-day rollover requirement. Please see the Frequently Asked Questions for obtaining a waiver of the 60-day rollover requirement that includes a list of information required to be submitted to obtain a waiver.
From time to time, the IRS has extended the 60-day requirement for affected taxpayers in Presidential Disaster areas struck by hurricanes and other natural disasters. On September 23, 2005, Congress enacted the Katrina Emergency Tax Relief Act of 2005, P.L. 109-73 (KETRA) which provides relief for a qualified individual, defined as an individual who resided in the Katrina disaster area who suffered Katrina related economic loss, who has received a distribution eligible for rollover from an eligible retirement plan, including an individual retirement account (IRA) and a Code section 401(a) qualified plan, after August 25, 2005 and before January 1, 2007. Under KETRA, such qualified individual has up to 3 years to roll over this distribution. See IRS Notice 2005-92, 2005-51 I.R.B. 1165 (December 19, 2005) which explains the relief accorded under KETRA in greater detail.
Rollover Resources
A Rollover Chart summarizing the rollover rules is provided as a general guide but should not be relied upon as a substitute for professional tax advice.
Publication 590, Individual Retirement Arrangements (IRAs)
Publication 560, Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans)
Publication 571, Tax-Sheltered Annuity Plans (403(b) Plans) For Employees of Public Schools and Certain Tax-Exempt Organizations
Publication 575, Pension and Annuity Income
Internal Revenue Code, regulations and more citations and reference material related to rollovers
The rollover rules are set out in various sections of the Internal Revenue Code (e.g. 402(c)(4), 408(a)(6), 408(d)(3)(B), 403(b)(8), etc.) and the regulations promulgated thereunder.
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