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
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)
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)