The Tax Adviser has published an article, “Unclaimed Property Distributions Allowed As Self-Certified Rollovers,” which discusses how unclaimed property fund distributions can be a reason for taxpayers to self-certify. The article begins as follows:
In response to requests from stakeholders, the IRS issued guidance adding state unclaimed property fund distributions to the list of reasons that taxpayers may self-certify that they missed the 60-day deadline to roll over funds to a qualified retirement plan (Rev. Proc. 2020-46). It also added a requirement to report and withhold from these distributions.
Click here to see full article: “Unclaimed Property Distributions Allowed As Self-Certified Rollovers.”
Posted by Bella Hoang, Associate Editor, Wealth Strategies Journal.