Exception for Independent rollover after the 60 day window

[jgibdozer]

Does anyone have experience with submitting an exception letter due to missing the 60 day deadline to rollover a pension lump sum distribution into your 401K?

[dmertz · Accepted solution]

See the following IRS web page and Revenue Procedure 2020-46 that it references:

https://www.irs.gov/retirement-plans/accepting-late-rollover-contributions

[jgibdozer]

thank you

[LindaS5247]

You will have to submit a Certification for Late Rollover Contribution letter to the financial institution that is accepting the rollover. 

You can find that letter here, on pages 5 & 6.  You may also be able to get a copy of this letter from your financial institution.

The financial institution is not obligated to accept your letter, but if they do it would change the 1099R so that the late rollover would go through as a 60-day rollover. 

You can find out more this waiver for the 60-day rollovers here and here. 

Please feel free to come back to TurboTax Community with additional information or questions or click here for help in contacting Turbo Tax Support. 

[dmertz]

Rev. Proc. 2020-46 supersedes Rev. Proc 2016-47,  so use the sample letter from Rev. Proc. 2020-46.