The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Multiple rollover problems and 1099-R||Date: 3/25/2008 12:59 PM|
|Author: CarHasAnts||Number: 99731 of 120432|
>the biggest problem Carl has is erroneous 1099's.
Does this actually happen? Do they correct it the same year? Can the second set be "un-issued" and how is it usually corrected?
>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.
This is happening right now, but I would like to assess whether Carl needs to hire an accountant or attorney.
>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.
Right, that's what I'm upset about. The bank was affiliated / a reseller of the DaisyInsurance products, provided all the paperwork for Carl, and in some ways, helped initiate the whole process.
What are the consequences of a second rollover?
How is it fixed?
Also, I would like to know if the bank is responsible in some way, especially if Carl ends up having to pay penalties, and what kind of penalties.
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