IRS PLR: IRA 60-Day Rollover Requirement Waived After Custodian Resignation (IRC §408)

Waiver of 60-day rollover requirement prescribed by tax code Section 408(d)(3)(A) with respect to a distribution Taxpayer received from an Individual Retirement Account (IRA) granted. The IRS stated that Taxpayer invested in an IRA with a financial institution but on a specified date the financial institution resigned as the IRA’s custodian and sent a resignation letter to Taxpayer. The IRS noted that the resignation letter went to Taxpayer’s former address and consequently Taxpayer failed to accomplish the rollover because he was unaware an amount was distributed from his IRA until after the 60-day rollover period. [PLR 202023007]

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