Yes—You May Still Have Time to Make It Right

If you recently withdrew money from your IRA or workplace retirement account and missed the 60-day deadline to complete a rollover, you might be worried about the tax consequences. The good news: the IRS recognizes that mistakes happen, and they’ve provided a way to correct them.

Thanks to IRS Revenue Procedure 2016-47, eligible individuals can self-certify a late rollover—without needing prior IRS approval—if the delay was due to certain qualifying circumstances.

As members of the Ed Slott and Company Elite IRA Advisor Group℠, our advisory team stays up to date on strategies that help clients protect their retirement savings, even when life throws a curveball. If you missed a rollover deadline, here’s what you should know.

🔄 What Is a 60-Day Rollover?

In general, if you take a distribution from a retirement account and want to move it to another qualified account without tax consequences, you must do so within 60 days. Missing that deadline typically means the distribution becomes taxable income, and if you’re under 59½, it may also trigger a 10% early withdrawal penalty.

🛠 How the Self-Certification Process Works

The IRS allows individuals to fix a missed 60-day rollover using a self-certification letter—a signed statement submitted to the receiving financial institution (not the IRS) explaining the reason for the delay.

Per guidance from Ed Slott and Company, here are the five steps to follow:

1. Verify the rollover status. Don’t assume it was completed—confirm it.
2. Check your reason against IRS criteria. Qualifying reasons include financial institution error, postal issues, illness, or death in the family. See the full IRS list.
3. Write a self-certification letter. Use the IRS model or a substantially similar version.
4. Complete the rollover as soon as possible. Ideally within 30 days of fixing the issue.
5. Keep documentation in case of audit. The IRS may still review your eligibility.

📥 Download: Fixing Missed 60-Day Rollover Mistakes with Self-Certification in 5 Easy Steps (PDF)

⚠️ Important Considerations

While self-certification can be a powerful tool, it doesn’t guarantee the IRS will accept the rollover in an audit. The financial institution will report the transaction, and you’ll need to retain your certification letter and supporting documentation.

That’s why it’s a good idea to get guidance from a qualified advisor—especially when larger balances or inherited accounts are involved.

🧭 Helping You Fix Mistakes and Plan Fearlessly

At Richmond Brothers, we know mistakes happen—and that retirement planning can feel overwhelming, especially when unexpected tax rules or deadlines get in the way.

If you’ve missed a 60-day IRA rollover deadline, you may still have time to make it right, and we’re here to help guide you through the self-certification process or explore your other options.

As members of the Ed Slott and Company Elite IRA Advisor Group℠, we stay current on the latest IRA distribution rules so that you don’t have to navigate them alone.

Our purpose is simple: to help you live fearlessly into and beyond retirement—with clarity, confidence, and a trusted plan by your side.

📞 Call us at 517-435-4040
📧 Or reach out to us at questions@richmondbrothers.com

Copyright © 2025, Ed Slott and Company, LLC. Reprinted and adapted with permission. Ed Slott and Company takes no responsibility for the current accuracy of this information.