Pension & Benefits News IRS self-certification procedure adds distributions made to state unclaimed property funds to list
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Wednesday, November 11, 2020

IRS self-certification procedure adds distributions made to state unclaimed property funds to list

By Pension and Benefits Editorial Staff

The IRS has added a distribution that was made to a state unclaimed property fund to its list of permissible reasons for self-certification of eligibility for a waiver of the 60-day rollover requirement. The self-certification procedure is designed to help recipients of retirement plan distributions who inadvertently miss the 60-day time limit for properly rolling these amounts into another retirement plan or individual retirement arrangement (IRA).

The IRS has added language explaining that a self-certification relates only to the reasons for missing the 60-day deadline, not to whether a distribution is otherwise eligible to be rolled over. In addition, the IRS has provided model language that may be used for self-certification. The procedure is effective October 16, 2020.

Rev. Proc. 2016-47 is modified and superseded, and Rev. Proc. 2003-16 is modified.

Source:  Rev. Proc. 2020-46.

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