SECTION 2. BACKGROUND

.01 Sections 402(c)(3)(A) and 408(d) (3)(A) of the Internal Revenue Code provide that any amount distributed from a qualified plan or individual retirement arrangement (IRA) will be excluded from income if it is transferred to an eligible retirement plan no later than the 60th day following the day of receipt. A similar rule applies to § 403(a) annuity plans, § 403(b) tax sheltered annuities, and § 457 eligible governmental plans. See §§ 403(a)(4)(B), 403(b)(8)(B), and 457(e)(16)(B).

Bulletin No. 2020–45 995 November 2, 2020

made timely due to an error on the part of a financial institution.

.07 Rev. Proc. 2016-47 provides guidance concerning waivers of the 60-day rollover requirement in §§ 402(c)(3) and 408(d)(3). Specifically, it provides for a self-certification procedure (subject to verification on audit) that may be used by a taxpayer claiming eligibility for a waiver under § 402(c)(3)(B) or 408(d)(3) (I) with respect to a rollover into a plan or IRA. It provides that a plan administrator, or an IRA trustee, custodian, or issuer (IRA trustee), may rely on the certification in accepting and reporting receipt of a rollover contribution. It also modifies Rev. Proc. 2003-16 by providing that the IRS may grant a waiver during an examination of the taxpayer’s income tax return.

.08 Rev. Proc. 2020-4, 2020-1 I.R.B. 148, provides the procedures for issuing letter rulings on matters under the jurisdiction of the Commissioner, Tax Exempt and Government Entities Division.