When does an IRA rollover occur? This occurs upon cash withdrawal from a certain qualified retirement plan and upon contributing all or a part of it in a span of 60 days to a new qualified plan. In accordance with the Internal Revenue Service’s (IRS) policy, the rules of IRA rollover permits individuals to waive their 60-day rollover prerequisite, but they must meet some qualifications in order for them to be qualified for the waiver.
The IRS is very considerate when it comes to the extension of the 60-day requirement for the rollovers. To cite an instance, when Hurricane … Read more at 2008 Taxes.