Europe working as photographer for life magazine

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Ainsley, who is 52 years old, requested from the IRS a waiver of the 60-day rollover requirement. She indicated that she provided written instructions to her financial advisor that she wanted to take a distribution from her 401(k) plan and roll it over into a new IRA. Her financial advisor inadvertently moved the funds into a taxable CD account. Ainsley did not make the request of the IRS until five months after the mistake was made because she was in Europe working as a photographer for Life Magazine. Will the IRS permit the waiver?

(a) No. She did not notify the IRS within a reasonable amount of time after the mistake.

(b) No. The IRS rarely waives the 60-day rule.

(c) Yes. The IRS almost always waives the 60-day rule.

(d) Yes. She notified the IRS in a reasonable amount of time, given the circumstances.

Reference no: EM131523942

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