Erroneous distribution from IRA
At year-end, my admin asst erroneously initiated a transfer from client’s IRA to their Living Trust Money Market. The error was not caught until after the 60 day rollover period. Client has now received a 1099 for 2007.
Is there any way to undo this since the error was on our part, not the client’s?
Permalink Submitted by Bruce Steiner on Tue, 2008-03-25 18:34
Since 2002, the IRS has had discretion to waive the 60-day deadline. The IRS has issued numerous rulings granting (or in some cases denying) relief. We have obtained about a half dozen such rulings. A helpful fact here is that the error was not the IRA owner’s.
Bruce Steiner, attorney
NYC
also admitted in NJ and FL