60 day IRA rollover issue
What happens if money was wired form an IRA to an individuals checking account, on the 57th day the check was mailed to the money manager instead of the custodian and arrived at the money manager on the 61st day and then they forwarded to the custodian on the 62nd day The financial advisor instructed the client to mail it to the money manager. Would the IRS accept this as a waiver, do you need to file the PLR route and pay fees?
Permalink Submitted by Alan - IRA critic on Tue, 2016-05-03 18:42
A PLR would be needed, but with the increased cost of rollover related PLRs (probably 16k with legal costs), it appears that the amount involved would have to be considerable and the chance of a positive outcome very good to justify going the PLR route. This one is more of a case of far too much time sitting in the checking account than too many middlemen involved.