New IRA Self-Certification Procedure

Revenue Procedure 2016-47 provides a taxpayers the ability to make a written certification to a plan administrator or an IRA trustee that a contribution satisfies the conditions in Section 3.02 of this revenue procedure. This self-certification has the effects described in Section 3.04 of this revenue procedure.

Since this is an election the taxpayer must make to his/her administrator or trustee, this letter will not be available in the TaxSlayer software. Taxpayers may make the certification to a plan administrator or an IRA trustee by using the model letter located at:  https://www.irs.gov/irb/2016-37_IRB/ar09.html#d0e518.

A copy of the certification should be kept in the taxpayer’s files and be available if requested on audit.

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