Part of taking responsibility for your own investments is knowing the lay of the land and following the rules.
Charlotte, NC (PRWEB) October 19, 2016
The IRS is now allowing Self-Certification for late contributions in IRA rollovers, including Self-Directed IRA rollovers. The new allowance allows retirement account administrators accept a waiver of the 60-day requirement. Now, American IRA CEO Jim Hitt is responding by explaining what this means to retirement investors who want to take control of their nest eggs.
“People need to pay attention to the fine print here, if they want to self-certify,” Jim Hitt warned. A recent article at the website of WillisTowersWatson, to which Jim Hitt is responding, noted that two conditions need to be met for an IRA to accept a late rollover. First, the individual making the retirement investment needs to certify that they qualify for a late rollover waiver. Second, the administrator of the IRA—in Jim Hitt’s case, American IRA—would need to have no knowledge indicating that this certification is not true.
“Any time you’re talking about self-certification, you need to be absolutely certain,” said Jim Hitt. “We at American IRA will always do our part to ensure that each IRA is administered honestly and responsibly. But with a Self-Directed IRA, investors know that they have the responsibility to oversee their strategies. This includes what seem like minor details, including a self-certification. But if not given adequate attention, these minor details can turn into major issues.”
Jim Hitt’s advice for investors was to be absolutely sure that they qualified for a late rollover waiver by double checking with available IRS information. For certification to take place, the IRS must not have denied a waiver, and there must be a reason for missing the 60-day deadline for the rollover. Contribution must also take place as soon as “practicable.”
“It sounds complicated,” said Jim Hitt. “But the gist of it is that investors will want to make sure they satisfy all of the requirements.”
The role of the administration firm, Jim Hitt noted, was not to handle each of these issues for clients, but rather to act as an administrator on the accounts. As such, firms like American IRA work hard to remain compliant with IRS rules. “It’s important for investors to do the same,” said Jim Hitt. “Part of taking responsibility for your own investments is knowing the lay of the land and following the rules.”
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