I had a total IRA distribution from one financial institution to close the account. But forgot to open another IRA account with another institution within 60 days to roll it over. Is there a way to still open one and not taxed on the distribution?
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If you didn't rollover your IRA distribution to a qualified account within the 60-day period, you'll be taxed on the distribution, and if you 're younger than 59 1/2, you'll have to pay the 10% early withdrawal penalty.
However, you can make a late rollover contribution – rollover after the expiration of the 60-day period - if you:
Please read this IRS FAQ for the details and conditions of the waivers.
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