In response to requests from stakeholders, the IRS issued guidance that adds unclaimed property distributions to its list of reasons taxpayers may self-certify after missing the 60-day deadline to roll over funds to a qualified retirement plan.
The new guidance (Rev. Proc. 2020-46) updates Rev. Proc. 2016-47, which lists the reasons for self-certification of eligibility for a waiver of the 60-day rollover requirement of distributions. As under Rev. Proc. 2016-47, a self-certification relates only to the reasons for missing the 60-day deadline, not to whether a distribution is otherwise eligible for rollover.
For taxpayers to qualify for self-certification, the IRS cannot have previously denied relief for the rollover. Learn more.