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Jim Hitt Explains Self-Certification for Self-Directed IRA Rollover
  • USA - English


News provided by

American IRA, LLC

Oct 19, 2016, 03:00 ET

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American IRA CEO, Jim Hitt
American IRA CEO, Jim Hitt
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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.

Part of taking responsibility for your own investments is knowing the lay of the land and following the rules.

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“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.”

About American IRA, LLC:

Click here to claim one of our 7 Self-Directed IRA guide(s).

American IRA is committed to providing every client with gold-level service, regardless of account size. Experience their expertise through their certified IRA services professionals. Enjoy the value with one low annual fee of $285 with unlimited assets and unlimited account values. American IRA clients love the benefit of no charge for "All Cash" accounts. The performance of the American IRA staff is unmatched, with quick and efficient processing within 48 hours.

American IRA services thousands of clients and has over $300 million in assets under administration.

American IRA was built by investors for investors, and brings their successful investment experience to the table, providing excellent educational material showing the public that their Self-Directed IRA account can invest in a variety of assets such as real estate, private lending, limited liability companies, precious metals and much more.

American IRA is conveniently located in Asheville, NC and Charlotte, NC, and serves clients nationwide.

Sean McKay, American IRA, LLC, http://www.americanira.com, +1 (828) 257-4949, [email protected]

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