IRA Rollover Fixes II

Every morning I get updates on the latest rulings and changes to the tax code.  More and more it seems that requests to fix failed IRA rollovers are taking over the IRS update world.

My guess is 2 factors are contributing to the large number of rulings:

1.  People are getting older and thus needing to access their IRA funds.
2.  Due to market turmoil more people are shifting assets around.

Without further ado, here are this weeks rulings.

201037038 — The IRA owner moved funds from her IRA to a non-IRA account.  The IRA owner said she thought the account she moved the funds into was an IRA account but couldn’t provide any proof that was her intention.  IRS did not allow the IRA owner to fix her IRA.

201036026 — IRA owner was depressed and confused about her finances as her husband had recently died and her son was deployed in IRA.  IRS allowed the IRA to be fixed.

201036029 — IRA owner was taking prescription medicine that caused confusion when he made a rollover.  IRS allowed him to fix his IRA rollover.

Remember, we have a full page devoted to IRS rulings allowing (or not allowing) people to fix their failed IRA rollovers.