The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Multiple rollover problems and 1099-R||Date: 3/25/2008 12:17 AM|
|Author: CarHasAnts||Number: 99724 of 123155|
Thanks for reading and bearing with me, I tried to be more specific below. I can quickly post clarifications if I know them. If I don't, I'll have to try to get "Carl" to fax me the paperwork. It's just really painful to see something bad happen to a family member's savings.
2000 or earlier
Carl opens a IRA and a Roth IRA at DaisyInsurance, which is an annuity product, and contributes the IRS maximum each year, he does not exceed the maximum as a combination.
1. The total balance of the IRA + Roth IRA is $30,000 now at DaisyInsurance.
2. Carl signs papers to move IRA + Roth from DaisyInsurance to BoringBank IRA + Roth (same into the same).
3. Carl is issued 2 checks from DaisyInsurance, one for the IRA, one for the Roth.
4. Carl brings the checks to BoringBank, and signs more papers. At this point, Carl assumes that the IRA + Roth was moved from DaisyInsurance to BoringBank. Carl has no concept of "distribution". I am trying to