IRA Support

[Jay Bilzerian]

Yes, I called customer service and the Omaha location. One mentioned I just had to take the consequences. The other mentioned I needed a CPA to do something to report to the IRS on it.

I figured this would be an easier solution like you and @Jim14510 have mentioned

You should be able to move the money into the correct account - not sure if TD will make it easy or hard for you. Keep the paper trail for potential IRS issues down the road. As somebody mentioned, their is a 60 day window you need to be aware of.

 

[Jim14510]

You should be able to move the money into the correct account - not sure if TD will make it easy or hard for you. Keep the paper trail for potential IRS issues down the road. As somebody mentioned, their is a 60 day window you need to be aware of.

The 60 days is kind of irrelevant but it wouldn't hurt to stay in that time frame if possible.

 

[God is a Husker]

Fuck the IRA

Orange > Green

Fuck the Pope

 

[Dell Husker]

The 60 days is kind of irrelevant but it wouldn't hurt to stay in that time frame if possible.

I’m within the calendar year but outside of 60 days. I have proof it started in a Roth at my previous employer at least

 

[Jim14510]

I’m within the calendar year but outside of 60 days. I have proof it started in a Roth at my previous employer at least

I wouldn't be worried about the 60 days. It was a misclassification of the account. I'm assuming it was rolled into an IRA within the 60 days. Honestly I'm amazed it even made it into a traditional IRA. What kind of documentation did you need to set up the account?

Obviously you'll have tax on the earnings. It would be awesome if they could do two separate 1099's. One with the earnings and one with the reclassification of the account. Just to keep it easy at tax time. @Red Dog

 

[Havoc34]

Fuck the IRA

Orange > Green

Fuck the Pope

 

[Red Dog]

I wouldn't be worried about the 60 days. It was a misclassification of the account. I'm assuming it was rolled into an IRA within the 60 days. Honestly I'm amazed it even made it into a traditional IRA. What kind of documentation did you need to set up the account?

Obviously you'll have tax on the earnings. It would be awesome if they could do two separate 1099's. One with the earnings and one with the reclassification of the account. Just to keep it easy at tax time. @Red Dog

@Jim14510 if we did a Roth conversion, since they are post tax funds, can that be shown at tax time so he doesn’t get double taxed? Similar to making a traditional ira contribution and not taking the tax deduction and then converting to Roth

Disregard, I got the correct answer from one of my higher ups.

 

[Jim14510]

@Jim14510 if we did a Roth conversion, since they are post tax funds, can that be shown at tax time so he doesn’t get double taxed? Similar to making a traditional ira contribution and not taking the tax deduction and then converting to Roth

Can you tell me what the 1099 would show? Obviously gross will be total amount. Preferably box 2 would be blank with taxable amount not determined checked. Distribution code 2? Could you also put the designated Roth contributions in box 5?

 

[Red Dog]

Can you tell me what the 1099 would show? Obviously gross will be total amount. Preferably box 2 would be blank with taxable amount not determined checked. Distribution code 2? Could you also put the designated Roth contributions in box 5?

I don’t know about any of that unfortunately. Plan of attack is a letter of indemnity to move the direct transfer, and a removal of excess if that can’t be obtained.

 

[Jim14510]

View attachment 10291
I don’t know about any of that unfortunately. Plan of attack is a letter of indemnity to move the direct transfer, and a removal of excess if that can’t be obtained.

Big picture if the IRS inquires I think sending them the documentation would clear it up pretty quick.

Best case scenario is IRS gets nothing and it's straightened out behind the scenes so there's no reason to get them involved and have to go back and forth with them.

I'd be curious what @God is a Husker thinks but he's smarter than me and doesn't post opinions like this on a random husker message board.

 

[God is a Husker]

Big picture if the IRS inquires I think sending them the documentation would clear it up pretty quick.

Best case scenario is IRS gets nothing and it's straightened out behind the scenes so there's no reason to get them involved and have to go back and forth with them.

I'd be curious what @God is a Husker thinks but he's smarter than me and doesn't post opinions like this on a random husker message board.

Driving right meow but maybe I’ll actually read the thread during my next poop so I can provide an intelligent response. (Other than the highly intelligent and correct take of hating Catholics like my first reply ITT)

 

[Jim14510]

(Other than the highly intelligent and correct take of hating Catholics like my first reply ITT)

I now know that means you love Catholics and in particular Catholics in Omaha.

 

[God is a Husker]

I now know that means you love Catholics and in particular Catholics in Omaha.

 

[Red Dog]

Big picture if the IRS inquires I think sending them the documentation would clear it up pretty quick.

Best case scenario is IRS gets nothing and it's straightened out behind the scenes so there's no reason to get them involved and have to go back and forth with them.

I'd be curious what @God is a Husker thinks but he's smarter than me and doesn't post opinions like this on a random husker message board.

Everything happened in 2022 so to my limited knowledge the 2022 1099 should show the incorrect rollover, removal, and then new rollover

 

[...TrueColors...]

Fuck the IRA

Orange > Green

Fuck the Pope

Yeah. I was hesitant to click on this thread as I’m certain we are all now on a watch list.

 

[God is a Husker]

Yeah. I was hesitant to click on this thread as I’m certain we are all now on a watch list.

 

[Jim14510]

Everything happened in 2022 so to my limited knowledge the 2022 1099 should show the incorrect rollover, removal, and then new rollover

They don't even have to do 1099s on trustee to trustee rollovers anymore. Seems about 50/50 if they do one or not. I haven't found a pattern.