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Subject:  Re: Multiple rollover problems and 1099-R Date:  3/25/2008  8:42 AM
Author:  DeltaOne81 Number:  99730 of 127616

It sounds like the 1099-R from the insurance company is correct (although the income isn't taxable if all the conditions of a rollover were met), but the one from the bank is not, but Carl really needs to speak with the bank and figure out why they issued a 1099-R.

Money coming out of a money market account does not cause a 1099-R. Unless the MMA was itself an IRA and them moved it to a different IRA for the new 'ExtremeTrading' thing. In which case I think they may have royally sc***ed him.

Everything seems to go fine, except that for some reason, DaisyInsurance issues Carl **2 checks totaling $30,000"**

So he thought he had $30K in the accounts and was actually paid out a total of $60K? And it didn't bounce? Is he sure he didn't have $30K in *each* account? Is there a statement from before the distribution he can look at? Don't let this one lay either - heard of the guy recently who ended up being arrested for spending money that was a mistake on the part of the bank?
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