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IRA Custodian Not Telling IRA Owner About the 60-Day Rollover Rule Is Not a Valid Excuse for Missing the 60-Day Rollover Deadline
Appleby Retirement Consulting Inc. 
[Guidance Overview] Oct. 6, 2020 "PLR 202033008 provides valuable lessons and insight into the operational and compliance requirements of IRAs, which include the following: When it comes to IRAs, much of the responsibility for compliance with rollover rules rests with the IRA owner. The IRS is strict about applying the rollover rules; and waivers are granted under narrowly defined exceptions.... IRA owners should seek IRA advice from trained IRA professionals.... [In] addition to the unfavourable ruling which requires the amount to be included in income, the IRA owner is out of pocket for $10,000 plus any fees paid to the professional whose service was engaged to assist with requesting the PLR." |
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