I’m 65 yrs old and live in Florida. I recently did not qualify for a new primary home purchase loan based on my income, so I withdrew money from my contributory IRA to purchase the home. I was hoping to sell my old primary residence within the 60 day limit of repayment to avoid any fees or taxation. I did finally sell my old home home, but it was 90 days after the withdrawal. Would the IRS give me a waiver if I refund my IRA late , but within the same calendar?
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Hi Dbb85,
You are correct that you have 60 days to complete an indirect rollover of IRA funds. The IRS may waive the 60-day rollover requirement in certain situations, or if you missed the deadline because of circumstances beyond your control.
According to the IRS, there are three ways to obtain a waiver of the 60 day rollover requirement:
You qualify for an automatic waiver if all of the following apply:
If you do not qualify for an automatic waiver, you can apply to the IRS for a waiver of the 60-day rollover requirement or use the self-certification procedure to make a late rollover contribution.
Here’s a link to the IRS guidance for waivers of the 60-day rollover requirement. I hope you find this information helpful.
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Kimberly, CPA for over 30 years
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