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Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75383  
Subject: Re: Roth question and asset allocation Date: 8/10/2000 10:37 AM
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Dougiedo asks:

<<I just received that the account name is: my name FBO. >>

It means "for the benefit of."

<<Also, if they did not set this up correctly is there anything I can do now to fix it?>>

It sounds as if they have set it up correctly, but check with them to be sure. If they have not, it's now too late to undo the transaction/transfer as the IRA money has been moved. The IRS will consider the distribution as having taken place the moment the money left the old IRA. That's why it's so vitally important to ensure this stuff is done correctly before the transfer takes place.

Regards..Pixy
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