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Simplified Treatment for Missing The IRA Rollover DeadlineSimplified Treatment for Missing The IRA Rollover Deadline

Self-certification available in 11 situations.

Christopher R. Hoyt, Professor of Law

May 18, 2017

17 Min Read
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Many taxpayers take advantage of the individual retirement account rollover. But, things can go wrong if the taxpayer doesn’t meet the 60-day distribution deadline for completing the rollover. In that case, the entire distribution is usually taxable and potentially subject to the 10 percent early distribution penalty. However, Congress has offered relief. Individuals may apply to the Internal Revenue Service for a waiver if they can demonstrate that the failure to waive the 60-day requirement “would be against equity or good conscience, including casualty, disaster, or other events beyond the reasonable control of the individual subject to such requirement.”1 That usually means applying to the IRS for a private letter ruling, thereby inc...

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About the Author

Christopher R. Hoyt

Professor of Law, University of Missouri

Christopher R. Hoyt, JD is a Professor of Law at the University of Missouri Kansas City School of Law where he teaches courses in the area of federal income taxation and business organizations.  Previously, he was with the law firm of Spencer, Fane, Britt & Browne in Kansas City, Missouri.  He received an undergraduate degree in economics from Northwestern University and he received dual law and accounting degrees from the University of Wisconsin.

Professor Hoyt has served as the Chair of the American Bar Association’s Committee on Charitable Organizations (Section of Trusts and Estates) and is on the editorial board of Trusts and Estates magazine. He is an ACTEC fellow, has been designated by his peers as a “Best Lawyer”, and was elected to the Estate Planning Hall of Fame by the National Association of Estate Planners & Councils.  He is a frequent speaker at legal and educational programs and has been quoted in numerous publications, including The Wall Street Journal, Forbes, MONEY Magazine, The New York Times and The Washington Post