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Old 07-09-2014, 09:01 AM
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Join Date: Jun 2014
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IRA rollver

Hello everyone,

I transferred an IRA about 5 years ago from one account to another. This year I received a letter from the IRS stating I owe taxes and penalties for not completing it within the allotted 60 days. I don't fall under any exceptions that I know of.

Despite my best research, I have been unable to discover whether it was within the 60 day window; my best guess is that it was somewhere between 50-65 days. I told the IRS if I am outside the window I would pay the penalty but no one seems to know whether I accomplish my transfer within the window or not.

Should I fight this in tax court? Does the IRS have to prove that I was outside the window or do I have to prove that? It's been going on so long now I'd considering settling with them just to end this heartache. Is that something that they would likely do? Should I get a lawyer?



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Old 07-10-2014, 10:26 PM
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Join Date: Oct 2010
Posts: 5,236
Quote:
Originally Posted by kc724 View Post
Hello everyone,

I transferred an IRA about 5 years ago from one account to another. This year I received a letter from the IRS stating I owe taxes and penalties for not completing it within the allotted 60 days. I don't fall under any exceptions that I know of.

Despite my best research, I have been unable to discover whether it was within the 60 day window; my best guess is that it was somewhere between 50-65 days. I told the IRS if I am outside the window I would pay the penalty but no one seems to know whether I accomplish my transfer within the window or not.

Should I fight this in tax court? Does the IRS have to prove that I was outside the window or do I have to prove that? It's been going on so long now I'd considering settling with them just to end this heartache. Is that something that they would likely do? Should I get a lawyer?


Should I fight this in tax court
----------+++++please visit the IRS website first.I guess it is up to you; You don't have to send proof with your return, but have to be able to show it to them since they ask to see it. Perhaps the financial institution may have sent you something acknowledging the rollover.





Does the IRS have to prove that I was outside the window or do I have to prove that?
----------++++The ball is in your court. I guess to prove it , you MUST prove that you were inside the window; IRS as no reason to prove it.




It's been going on so long now I'd considering settling with them just to end this heartache. Is that something that they would likely do? Should I get a lawyer
-------+++++++You can visit the IRS website here for help
IRS Offers Free Tax Help



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