There can be several reasons for the missed or prolonged rollover.
Not serious reasons
Forgetfulness, procrastination, laziness - nothing will help there. If you have no serious reason, you will have to pay taxes due and you will get them refunded after you file your tax return for that year.
Serious reasons
If one of the reasons below delayed your transfer, you can file the self-certification waiver which you will submit to the institution receiving the transfer.
If one of the reasons below delayed your transfer, you can file the self-certification waiver which you will submit to the institution receiving the transfer.
After 60 days allotted to the rollover are passed, the financial institution will not accept your rollover.
The self-certification error is a form which you give to the institution to extend the rollover for another 30 days (safe harbor period for the reason stated in the form).
The form is part of the IRS Revenue Procedure 2016-47 which you can google, download and fill out.
The self-certification error is a form which you give to the institution to extend the rollover for another 30 days (safe harbor period for the reason stated in the form).
The form is part of the IRS Revenue Procedure 2016-47 which you can google, download and fill out.
To be granted the waiver you will need documentation supporting your claim that the rollover was not completed in time due to one of the qualifying reasons which are listed on the waiver page.
Financial institution error
Copy and record the dates of all communications with both financial institutions. If the process takes too long you will have evidence that it was not your fault.
It will not work if you wait with the initiating the rollover just one or two weeks before the deadline because it is obvious to anyone that such process may take longer than 2 weeks. Our rollover took 3 weeks (see the rollover update post here).
Unusual circumstances
You have to have evidence that you were physically prevented from being able to complete the rollover. Examples are severe home damage, serious illness (for example dementia or hospitalization), death in the family or of the person who is performing rollover, misplaced check or incarceration.
Postal error
Make sure to verify the address of the receiving institution before mailing the check. It is best to mail with tracking number. I used tracking number. The mail had 3 days delay for an unknown reason but I could follow the status every day.
Tracking also helped me to speed up the processes at the receiving institution. I emailed the customer service the day I saw that the letter was received and asked to process the transfer timely. I received an email response and the the transfer was processed on the same day.
Tracking also helped me to speed up the processes at the receiving institution. I emailed the customer service the day I saw that the letter was received and asked to process the transfer timely. I received an email response and the the transfer was processed on the same day.
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