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Financial Planning / Tax Strategies
|Subject: Re: Multiple rollover problems and 1099-R||Date: 3/24/2008 11:01 PM|
|Author: TMFPMarti||Number: 99723 of 122300|
Last year, Amy told Carl about a new type of account available at BoringBank. As a result, Carl decides that it is a good idea to move all the assets to BoringBank's new account (ExtremeTradingAccount).
What does "all the assets" mean? Where were these assets before? Were they all in IRA accounts? Is the ExtremeTradingAccount an IRA? If so, who's the custodian, the bank or the insurance company? What happened to the assets moved into the account?
Amy helps Carl sign papers for the move. This is good for Carl because he is 53 and getting a little bit bewildered by the whole financial services world. Everything seems to go fine, except that for some reason, DaisyInsurance issues Carl a check for $30,000.
For what? I realize nobody bothered to find out then, but your questions can't be answered now without someone doing so.
Carl brings the check to BoringBank, and Amy and her boss said that this is unexpected, but ok. The ExtremeTradingAccount is opened and funded within 60 days and everyone is happy.
OK, I'm lost. I thought we opened this account back in paragraph one.
Can you post this as a simple timeline without all the explanations of why Carl acted like a lower-case fool?
Please start, as backgroud, with what accounts Carl had that were put in play. If IRA accounts, the custodian and what the account was invested in. Then, date-by-date, exactly what happened. If a new account, what type of account, how did it get funded, etc. And you have to find out something other than the $30,000 sprang fully formed from Zeus's forehead.
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