John A. asked
Will the IRS be lenient to a taxpayer under 59 1/2 who unintentionally rolled IRA money to a checking account and then wrote a check to a new IRA custodian, forgetting about the under 59 1/2 rule? The taxpayer received a 1099-R from the original custodian, indicating an early distribution. What is the best estimate as to how the IRS will proceed?
October 30th, 2023
Kenneth C. answered
The IRS allows a 60-day window for rollovers from one IRA to another. If the rollover was completed ...
October 30th, 2023
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