Missed the 60-Day Rollover Deadline? Here’s What You Can Do
Missed the 60-Day Rollover Deadline? Here’s What You Can Do
Missing a financial deadline can feel overwhelming—especially when it involves your retirement savings. But if you missed the 60-day IRA rollover deadline, there may still be a path forward.
The good news? The IRS understands that life happens, and there is a process that may allow you to correct the mistake—without immediately triggering taxes and penalties.
What Happens If You Miss the 60-Day IRA Rollover Deadline?
If you don’t complete an IRA rollover within 60 days, the IRS may treat the distribution as taxable income. Depending on your age, you could also face a 10% early withdrawal penalty.
Can You Fix a Missed IRA Rollover IDeadline?
Yes—under certain circumstances.
The IRS allows eligible individuals to use a process called self-certification, established under Revenue Procedure 2016-47. This allows you to explain why the deadline was missed and still complete the rollover—without requesting a costly private letter ruling.
What Is IRA Rollover Self-Certification?
Self-certification is a formal way to tell your financial institution that your missed deadline qualifies for an exception.
What Reasons Qualify for Self-Certification?
The IRS outlines several acceptable reasons, including:
- A mistake made by your financial institution
- Postal delays or lost checks
- Serious illness or hospitalization
- Death in the family
- Other events beyond your control
If your situation falls within one of these approved categories, you may be eligible to proceed.
How Do You Fix a Missed 60-Day Rollover? (5 Key Steps)
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Confirm Whether the Rollover Was Completed
Don’t assume everything went through correctly. Errors can happen—even if you did your part.
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Review IRS-Approved Reasons for Delay
Check whether your situation aligns with one of the IRS’s approved circumstances for a waiver.
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Submit a Self-Certification Letter
You’ll need to provide a written statement to the receiving IRA or plan administrator explaining your situation.
Important: This letter goes to your financial institution—not the IRS.
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Complete the Rollover Promptly
Once the issue is resolved, act quickly. The IRS generally allows a 30-day safe harbor window to complete the rollover after the problem is fixed.
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Keep Documentation in Case of Audit
Your rollover will be reported to the IRS. Keep a copy of your self-certification and supporting documents in case you need to justify your claim.
Will the IRS Automatically Approve Your Late Rollover?
Not necessarily.
While self-certification allows you to proceed, the IRS can still review your situation later. If audited, they will determine whether you truly qualified for the waiver.
What Does This Mean for You?
You should treat this process seriously, document everything carefully, and ensure your reasoning aligns with IRS guidelines.
Should You Try to Fix a Missed Rollover on Your Own?
This is where many people make costly mistakes.
A missed rollover can have significant tax consequences, and the self-certification process—while simpler than other options—still requires careful execution.
When Should You Seek Professional Guidance?
- If you’re unsure whether your reason qualifies
- If the rollover amount is significant
- If you want to reduce the risk of IRS scrutiny
- If you simply want peace of mind that it’s done correctly
Download the Checklist: Fixing Missed 60-Day Rollover Mistakes
If you want a clear, step-by-step guide to navigating this process, download our checklist:
“Fixing Missed 60-Day Rollover Mistakes with Self-Certification in 5 Easy Steps.”
This resource walks you through each requirement so you can take action confidently and avoid further complications.
Final Thoughts: A Missed Deadline Doesn’t Have to Be the End
Financial missteps happen—even to the most organized individuals. What matters most is how quickly and correctly you respond.
With the right approach, you may still be able to protect your retirement savings and avoid unnecessary taxes or penalties.
Take the Next Step
Financial Success Doesn’t Happen by Chance.
Contact one of our talented advisors at 940-464-4104 to discuss your beneficiary or investment questions. You may also schedule a free virtual consultation on our website, here.
RFG Wealth Advisory in Argyle, Texas, is an independent, fee-only Registered Investment Advisor firm that always puts our clients’ interests first. We have a transparent, simple fee structure that’s easy to understand. Call us today!
Fixing Missed 60-Day Rollover Deadlines with Self-Certification
Disclaimer
Financial Success Doesn’t Happen by Chance.
Contact lead advisor Chris Robinson with RFG Wealth Advisory in Argyle, Texas to discuss your questions.
RFG Wealth Advisory is an independent, fee-only Registered Investment Advisor firm in Argyle, Texas. At RFG Wealth, our fiduciary duty ensures your interests always come first, and we maintain a transparent fee structure for your peace of mind. Contact us today!
Investment advice is offered through RFG Wealth Advisory, a Registered Investment Advisor.
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Chris Robinson is the managing partner and founder of RFG Wealth Advisory, which he founded in 1995. He is a current resident of Argyle and native of Denton, Texas.
