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mydeen
New Member

I am making a delayed repayment of a 60 day rollover due to serious illness of a family member last year. How do I submit the waiver when I file through turbotax?

 
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DeanM15
Expert Alumni

I am making a delayed repayment of a 60 day rollover due to serious illness of a family member last year. How do I submit the waiver when I file through turbotax?

There is a way to self certify that you are qualified for a waiver to make a delayed repayment of a 60-day rollover requirement for a retirement plan.

 

You need to submit a model letter, not to the IRS, but rather to the financial institution that is accepting the payment. You can find the model letter here, at the end of Revenue Procedure 2016-47. The financial institution is not obligated to accept your position, but if it does it would change the 1099Rs so that the late payment would go through as a 60-day rollover. 

 

You can find out more about retirement plans and waivers for the 60-day rollovers here and here

 

 

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DeanM15
Expert Alumni

I am making a delayed repayment of a 60 day rollover due to serious illness of a family member last year. How do I submit the waiver when I file through turbotax?

There is a way to self certify that you are qualified for a waiver to make a delayed repayment of a 60-day rollover requirement for a retirement plan.

 

You need to submit a model letter, not to the IRS, but rather to the financial institution that is accepting the payment. You can find the model letter here, at the end of Revenue Procedure 2016-47. The financial institution is not obligated to accept your position, but if it does it would change the 1099Rs so that the late payment would go through as a 60-day rollover. 

 

You can find out more about retirement plans and waivers for the 60-day rollovers here and here

 

 

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

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dmertz
Level 15

I am making a delayed repayment of a 60 day rollover due to serious illness of a family member last year. How do I submit the waiver when I file through turbotax?

There will be no change to the Form 1099-R itself.  If the financial institution accepts your self-certification that you would qualified for a waiver of the 60-day deadline, the distribution is simply reported on your tax return as having been rolled over, the same as if you had rolled it over within 60-days.  If the rollover is to an IRA, the financial institution will include the notation "SC" in box 13c of the Form 5498 that reports the rollover contribution, but this doesn't have any bearing on your tax return.

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