Veritas

[Black Bart]

Dude, don't you ever read your old posts again? Consider yourself reprimanded.

here is what the procedure tells us to do:

...03 Automatic approval. No application to the Service is required if a financial institution
receives funds on behalf of a taxpayer prior to the expiration of the 60-day rollover
period, the taxpayer follows all procedures required by the financial institution for
depositing the funds into an eligible retirement plan within the 60-day period (including
giving instructions to deposit the funds into an eligible retirement plan) and, solely due to
an error on the part of the financial institution, the funds are not deposited into an eligible
retirement plan within the 60-day rollover period. Automatic approval is granted only: (1)
if the funds are deposited into an eligible retirement plan within 1 year from the
beginning of the 60-day rollover period; and (2) if the financial institution had deposited
the funds as instructed, it would have been a valid rollover.

This is great news. Have you done this? How do you notify IRS if it's automatic? Put it on a 5329 or sump'n?

Please advise -- thanx -- BB

[appelman]

Waiver of 60-day rollover time limit

I don't remember the details of the original posting, but I presume that the 1099 was coded "1." (Otherwise, I guess there wouldn't be a problem!) I would suggest forcing treatment as a rollover and explaining on Form 8275.

[veritas]

Sorry to be so tardy

Dude, don't you ever read your old posts again? Consider yourself reprimanded.



This is great news. Have you done this? How do you notify IRS if it's automatic? Put it on a 5329 or sump'n?

Please advise -- thanx -- BB

Been visiting family in Wisconsin.

I have not used the revenue procedure. Maybe NYEA can help us with the mechanics.

veritas