IRA distribution and rollover

[ahk91360]

I had a total IRA distribution from one financial institution to close the account.  But forgot to open another IRA account with another institution within 60 days to roll it over.   Is there a way to still open one and not taxed on the distribution?

[MinhT1]

If you didn't rollover your IRA distribution to a qualified account within the 60-day period, you'll be taxed on the distribution, and if you 're younger than 59 1/2, you'll have to pay the 10% early withdrawal penalty.

However,  you can make a late rollover contribution – rollover after the expiration of the 60-day period - if you:

1. Are entitled to an automatic waiver of the 60-day rollover requirement,
2. Request and receive a private letter ruling waiving the 60-day requirement,
3. Qualify for and use the self-certification procedure for a waiver of the 60-day requirement.

Please read this IRS FAQ for the details and conditions of the waivers.

[ahk91360]

Thanks