SCDMV Form 60-day rule. 60-day Rule DMV Taxpayer Handout (IRS document)

The SCDMV Form 60-day rule is a taxpayer handout document provided by the Internal Revenue Service (IRS) to inform individuals about the 60-day rule when it comes to taking distributions from retirement plans. This handout is not directly provided by the South Carolina Department of Motor Vehicles (SCDMV), but it is listed as a related form for informational purposes.

The 60-day rule refers to the time limit individuals have to roll over a distribution from one retirement account to another eligible retirement account without incurring tax penalties. The handout outlines the important details of the rule, including the consequences of missing the 60-day deadline and potential exceptions to the rule.

This document is important for individuals who are planning to make changes to their retirement plans and want to ensure they comply with the IRS regulations. It provides guidance on how to avoid unnecessary tax penalties and make informed decisions regarding retirement account distributions and rollovers.