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Subject:  Re: Multiple rollover problems and 1099-R Date:  3/28/2008  12:45 PM
Author:  DeltaOne81 Number:  99846 of 127753

So what it looks like is the bank opened a moneymarket IRA in his name for a day, then 'distributed' the money to a different 'extremetrading' IRA.

Why they'd do that I don't know, but I'm going to let the tax experts chime in. The potential issue is that you're only allowed one rollover every year (or something like that). Through no fault of his own, there are two in his name.

Tax experts: is there an exception to the rule for a situation like that.

Oh, btw, I'd also complain to high heck to the bank manager that they did this little 'maneuver', which is causing major headaches. If its their process, its a bad process and a bad idea and should be changed.
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