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Bill, Enrolled Agent
Category: Tax
Satisfied Customers: 3151
Experience:  EA, CEBS - 35 years experience providing financial advice
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do I have the right to rescind a wired bank cash transfer ...

Resolved Question:

do I have the right to rescind a wired bank cash transfer since the transaction is in violation of an IRS code .I transferred cash to a bank as an IRA rollover violating the 365 day roll over rule of which I was not aware
Submitted: 8 years ago.
Category: Tax
Expert:  Bill replied 8 years ago.

The rollover period is 60 days not 365 days. You can revoke an IRA within 7 days of setting it up. If it is beyond 7 days and the rollover was an error due to incorrect information then you can withdraw it from the IRA as an excess contribution. You will need to complete an IRA distribution form to make the withdrawal. You may have to withdraw the earnings (if any) on the rollover depending on when it occurred. The following link provides more details.

See page 10 regarding revoking and page 51 regarding excess due to incorrect rollover information -


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