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401K Distribution in Sept 2019, Tax Withheld, Check Misplaced & Serious Illness - Missed 60day Rollover - Trying to do a late rollover

Hi Everyone, 

 

Need some help on this issue:

 

I had an old 401K plan and due to, unfortunate medical issues I took out money from a 401K plan in 2 different distributions, the second one being where I was going to do an indirect rollover into an IRA.   Misplaced the check and realized that my 1099R didn't seem correct while doing my taxes.   

 

I know that IRS allows for waivers on 60 day rollovers due to certain circumstances and I appear to meet the requirements - misplaced the check and serious medical illness (disabled).   

 

-20% tax was withheld

-I want to complete the rollover for the entire amount (amount of check + taxes withheld) to avoid 10% penalty and lower my tax bill by self certification

-Distribution late 2019

 

Fidelity Investments wont let me do this.  Thoughts on what I can do?

Thanks!

@r401k @IRA @Rollover

 

 

1 Best answer

Accepted Solutions
Employee Tax Expert

401K Distribution in Sept 2019, Tax Withheld, Check Misplaced & Serious Illness - Missed 60day Rollover - Trying to do a late rollover

IRA custodians may now rely on an individual’s self-certification to accept late rollover contributions, unless they have actual knowledge contrary to the certification.  You must present them with the Model Letter contained in Rev. Proc. 2016-47 (or a certification that is substantially similar in all material respects),  

 

Rev. Proc. 2016-47 - with Model Letter

 

FAQs: Waivers of the 60-Day Rollover Requirement)

 

 

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1 Reply
Employee Tax Expert

401K Distribution in Sept 2019, Tax Withheld, Check Misplaced & Serious Illness - Missed 60day Rollover - Trying to do a late rollover

IRA custodians may now rely on an individual’s self-certification to accept late rollover contributions, unless they have actual knowledge contrary to the certification.  You must present them with the Model Letter contained in Rev. Proc. 2016-47 (or a certification that is substantially similar in all material respects),  

 

Rev. Proc. 2016-47 - with Model Letter

 

FAQs: Waivers of the 60-Day Rollover Requirement)

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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